FCA Looks for Innovation Advisory Group Members

The UK Financial Conduct Authority (FCA) seeks members for its Innovation Advisory Group, which was set up in July 2022. The financial market watchdog has already invited 'a number of key stakeholders' to join the initiative, but it is also giving a chance to others who are interested in supporting the venture.

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The role of the Innovation Advisory Group is to act as 'a critical friend' to the FCA's Innovation department, to pass on important messages from the regulatory body to the public and to share the RegTech and FinTech industries' opinions on opportunities and issues within the financial services industry. The Group is also expected to support innovation in cryptocurrencies.

The first meeting of the newly formed group has been scheduled for January 2023. Those interested in joining the advisory body can apply on a rotating basis for an initial period of one year.

“For rotating membership, we are expecting to receive expressions of interest from senior leaders from stakeholder groups such as consultancies, legal professionals, accelerators and academia,” the FCA stated in the press release.

“We're not inviting firms who require authorisation to conduct their activities to participate in the advisory group at this time, though we may occasionally invite firms such as these to take part in sub-groups.”

Applications are accepted until 1 December 2022. The necessary details can be found on the FCA website.

New Guidelines and Consultations

The FCA, being one of the most active financial market regulators in Europe, is constantly making every effort to improve the quality of financial services and consumer safety.

In August 2022, the regulator unveiled a new framework for promoting risky investments (excluding cryptocurrencies). Trading firms must clearly communicate the risks of investing in an instrument and will not be allowed to offer incentives to induce retail traders' activity.

The regulatory watchdog launched a discussion in October 2020 on Big Tech companies' competition impact on the financial industry. Additionally, it has published a report showing the potential effects of BiH Tech firms in the UK in deposit-taking, consumer credit, insurance and payment sectors.