The latest news from the world of Alternative Finance and FinTech
In the news this week
Hogging the headlines this week was the proposed measures by the Financial Conduct Authority (FCA) to tighten up control of the peer-to-peer lending sector amid concerns of its potential risks to investors. Following its original review of the sector in 2016, the city watchdog has opened a consultation in a bid to rid the sector of what it calls “poor business practices”. In other news, the UK FinTech sector attracted record investment in the first half of 2018, with the UK accounting for over half of the total invested into Europe.
Tougher P2P lending rules proposed over poor practice concerns
The Financial Conduct Authority (FCA) has opened a consultation on loan-based crowdfunding platforms (peer-to-peer) following its original review of the sector in 2016. It said since then, it’s observed that the new and growing area has become increasingly complex... (YourMoney.com)
The UK’s fintech industry attracted over $16bn investment in the first half of 2018 which was in large part due to Vantiv’s acquisition of WorldPay for $12.9bn. The UK accounted for over half the total fintech investment into Europe ($26bn) and attracted more money than the US ($14bn). (London Loves Business)
Zoopla-backed Landbay and agents raising funds could all face changes in FCA crowdfunding overhaul
Zoopla-backed peer-to-peer lender Landbay could face further regulation as part of regulatory changes the Financial Conduct Authority (FCA) is looking to introduce in the P2P and crowdfunding sector. The City watchdog has released a consultation on improving transparency and disclosure in the peer-to-peer and crowdfunding sector. (Property Industry Eye)
Legal & General’s fintech business has announced a £3m investment in software as a service company Smartr365. Founded in 2016, Smartr365 is a mortgage technology platform designed to help mortgage brokers deliver a more efficient digital service to clients. (FT Adviser)
U.S. bank regulator allows fintech firms to seek federal charter
A U.S. bank regulator said on Tuesday it would start accepting national charter applications from financial technology companies, giving so-called fintech firms a path to federal oversight for the first time. The move by the U.S. Office of the Comptroller of the Currency (OCC) will be... (Reuters)
Global FinTech investment reached $57.9bn across 875 deals in the first half of 2018, a significant increase from the $38.1bn invested in all of 2017
Fintech Nucleus sees funds exceed £14bn
Nucleus Financial Group, the recently floated fintech business, has confirmed that assets under administration have pushed above £14 billion with further growth in the pipeline. The Edinburgh-based firm, which saw its shares begin trading on London’s Alternative Investment Market last week, also announced that it had 1,357 active... (The Scotsman)
Despite being discussed numerous times there still seems to be confusion over social media’s connection with search rankings and SEO. In 2010 Matt Cutts, the former head of Google’s webspam team said that Google did use links from Facebook and Twitter as ranking signals. But, just four years later he changed his mind, claiming these social media pages were treated like any other web page for search, but not as a ranking factor. It's been a while since then, and there's...
6 things you need to know about the ePrivacy Regulation
So, you thought the General Data Protection Regulation (GDPR) was something to worry about? Well, get ready for the ePrivacy Regulation, a new regulation that focuses specifically on the privacy of individuals as it relates to electronic communications. The regulation aims to work in conjunction with the GDPR to ensure data is handled with care by organisations and give individuals more control over their internet data...