Fintech Insider Podcast by 11:FS

919. News: UK lenders brace for massive payouts and is the FCA 'incompetent'?

Dec 2, 2024
Guest
Javed Anjum
Guest
Matthew Williamson
Guest
Selma Piper
Javed Anjum, CEO of OneBanks, Matthew Williamson, a partner at Thistle Initiatives, and Selma Piper, founder of Fintech Fiends, dive into major fintech headlines. They discuss a shocking report criticizing the UK's Financial Conduct Authority as unfit and the implications for consumer protection. The group also examines UniCredit's bid for Banco BPM, addressing the complexities of banking mergers. Plus, Checkout.com's expansion into Japan reveals the challenges of adapting to new markets, highlighting cultural differences and the demand for innovation in financial services.
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INSIGHT

FCA Criticism and Effectiveness

  • The FCA is accused of incompetence and dishonesty in a new report.
  • This criticism comes despite the FCA's positive work in areas like access to cash and consumer duty.
INSIGHT

FCA's Balancing Act

  • The FCA's focus on consumer protection might hinder innovation and competition.
  • This balancing act creates friction in the financial services industry.
ADVICE

Individual Accountability at the FCA

  • Individuals affected by FCA failures should be able to sue for accountability.
  • This would mirror the FCA's own move towards individual accountability in financial markets.
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