FCA chief announces launch of fintech ‘nursery’
Rathi also says social media firms should be held accountable for products they advertise
The chief executive of the UK’s Financial Conduct Authority says the regulator will set up a ‘regulatory nursery’ later this year to help new players enter the market.
In a speech today (April 20), Nikhil Rathi said new entrants currently “gain regulatory status and are treated in the same way” as firms with long track records.
By contrast, the new nursery is designed to allow firms to adapt more gradually to regulatory oversight. “The regulatory nursery will keep us in close contact with
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