More support for overseas firms, crypto and start-ups: FCA pledges to support growth under UK Action Plan

The UK Government has released a cross-sectoral Action Plan for regulation. Building on the Chancellor’s Mansion House speech, the plan aims to create a regulatory system that supports economic growth. It includes several pledges from the Financial Conduct Authority and a review of the Financial Ombudsman Service.

Concierge for overseas firms

The Government will establish a “concierge service” for international firms. The service, to be developed with the City of London Corporation, will aim to make it easier for firms to navigate the UK regulatory landscape and broader barriers to entry.

Supporting early-stage firms

The plan includes a package of measures aimed at supporting early-stage innovative firms. This includes the FCA providing pre-application support to all wholesale payments and crypto firms, and issuing more “minded to approve” notices to help firms fundraise. The Government is also considering whether it can update the legislative framework to allow some firms to conduct limited regulated activities within streamlined conditions.

Reviewing the FOS

The Economic Secretary to the Treasury will examine whether the FOS is delivering its role as an impartial dispute resolution service. This will include addressing concerns around whether the FOS sometimes acts as a quasi-regulator. The review is expected to conclude by the summer and may be followed by legislative changes.

Overview of FCA and PRA pledges