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LUxembourg

Draft law to facilitate external and intra-group outsourcing in the financial sector

23 September 2016

by Josée Weydert, Vincent Wellens and Jad Nader

One of the key principles of Luxembourg financial regulation is the obligation of professional secrecy (often referred to as the bank secrecy, the “Professional Secrecy Obligation”) laid down in Article 41(1) of the law dated 5 April 1993 on the financial sector, as amended (the “Financial Sector Act”). Outsourcing arrangements and, in particular, IT outsourcing operations which can lead to the disclosure of confidential data and thus to a potential breach of the Professional Secrecy Obligation are subject to rather strict legal conditions. Continue reading…

Payday firm CFO Lending to pay £34 million redress

19 September 2016

Payday firm, CFO Lending, has entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers. CFO Lending also traded as Payday First, Flexible First, Money Resolve, Paycfo, Payday Advance and Payday Credit. Most of the firm’s customers had high-cost short-term credit loans (payday loans) but some customers had guarantor loans and some had both. Continue reading…

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Tony de Bree
Tony de Bree

Seven ways to reduce your financing needs as a start-up

13 August 2016

Recently  I was coaching and judging a number of local startups in my hometown, The Hague, in The Netherlands. The interesting fact is that many of those different entrepreneurs have a number of things in common and one of them is that they focus way too much on financing their company, their working capital and their investments and not enough on their customers and how to differentiate themselves from others. And the other thing that many of them have in common, large or small, is that they are asking for way too much money! Their financing needs are way to high. And that is a pity. So here are seven ways to reduce your financing needs as a start-up, inside or outside Fintech. 

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Pensions and long-term retirement saving: a macroeconomic perspective

16 September 2016

by Andrew Bailey

When I look at the issues on the agenda of the FCA with its objective from Parliament to ensure that relevant markets function well, I think that pensions and long-term retirement savings are probably top of the list in terms of their importance to our society. But, of course, only part of what is a very broad issue falls under our responsibility because there are many other aspects of economic and social policy in which the issue falls, and that demands joined up thinking and approaches. Continue reading…

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Tony de Bree
Tony de Bree

Business Models in Fintech : an overview

20 April 2016

Last week, the European Fintech Awards were won by a number of companies from across Europe. The interesting thing was however that the number of Fintech-companies with real innovative (digital) business models and digital revenue models still seems to be rather limited. Continue reading…