Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Revolut executive resigns amid growing tensions with the FCA over banking license
City AM | Charlie Conchie | Jul 10, 2022
One of Revolut’s UK regulatory chiefs has stepped down from her role amid growing tensions between the fintech firm and the Financial Conduct Authority over its sluggish progress on towards a banking licence.
- Deirdre Halligan, head of global affairs, wealth and trading, oversaw the firm’s expansion, authorisations and regulatory affairs, including its relationship with UK regulators.
- Her departure, reported in the Telegraph, comes as tensions between Revolut and the regulator grow over the speed of movement on its licence applications, including a full banking licence and fully registered status to provide crypto services.
- Halligan’s departure from Revolut marks the latest in a series of resignations at the firm, with Harry Gill, Revolut’s global head of regulatory compliance, resigning in May, the Telegraph first reported, and the chief of operational risk and head of UK compliance also leaving in recent months.
See: 9 digital assets powering the DeFi revolution?
Boss Nikolay Storonsky went public with his criticism of the regulator in an interview with City A.M. last month, saying that the firm’s progress towards a banking licence had been “slower than expectations” and had lagged behind international competitors.
I definitely see the process is slower compared to other regulators. I’ll give you an example – so we applied for 48 licences across the globe and we received 44, and three of the licences that we haven’t received are actually in the UK.
Storonsky added that staffing pressures at the FCA may explain the hold up, and recommended that certain key performance indicators be put in place at the regulator, as well as “stricter timelines”, more people or “more efficient people”.
See: FCA review finds evidence of growing competition in retail banking
In a statement to City A.M., an FCA spokesperson said that while it did not comment on individual cases, it reviews “banking applications to ensure they meet the standards we expect”. The spokesperson added the regular had “successfully recruited across the organisation” to meet its “expanding remit”, including bringing in over 200 new colleagues in the first three months of this year.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Summary Report for Dealers, Advisers, and Investment Fund Managers Released by the Ontario Securities Commission- Navigating Regulatory Compliance in Canadian Fintech: A Startup’s Guide
- Canadian Government Publishes Report with 16 Recommendations: Calls for a National Blockchain Strategy to Support Adoption and Industry Growth
- Canada: Crowdfunding 101
- 13books Capital Raises £121 Million Fintech Fund to Fuel Disruptive Innovation
- Event Alberta (Sep 25, 2014): Let’s Talk: Crowdfunding 101 [YLL]
Leave a Reply