Fintech Insider Podcast by 11:FS
919. News: UK lenders brace for massive payouts and is the FCA 'incompetent'?
Dec 2, 2024
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.
56:17
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Quick takeaways
- The UK’s FCA is under fire for incompetency and systemic inaction, prompting calls for major reforms and increased accountability.
- UniCredit's proposed €10 billion acquisition of Banco BPM illustrates the competitive landscape in European banking, highlighting growth ambitions amid regulatory concerns.
Deep dives
FCA Under Fire
The UK’s Financial Conduct Authority (FCA) faces severe criticism in a comprehensive report accusing it of incompetence and failures to protect consumers. The report cites evidence from numerous fraud victims and whistleblowers, highlighting a toxic culture and systemic inaction against financial fraud. It calls for major reforms, including a supervisory council similar to Australia's, increased accountability, and a review of the FCA's operational funding. While the FCA refutes the claims, pointing to recent improvements, the report raises pressing questions about its long-term trustworthiness within the industry.
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