The FCA and Asic have agreed to explore ways to quicken the licensing process of innovative businesses already authorised in the other jurisdiction.
Where a business is a participant in either authority’s regulatory sandbox and would like to enter the other’s, the FCA and Asic will “endeavour to facilitate that participation”.
The financial watchdogs will also look to co-host fintech and regtech events, conduct joint policy work, research and experimentation and explore secondment opportunities.
They will work to raise topics or approaches of common interest at an international level to promote greater levels of international cooperation on financial innovation.
More to come
Christopher Woolard, FCA executive director of strategy and competition, said: “Cooperation between regulators is a vital part of helping innovative businesses across international jurisdictions to flourish and bring their products to market for the benefit of consumers.
“Back in 2016, when we signed the original agreement with Asic, we stated that we hoped that it would be the first of many to come. I am pleased to say that this has certainly been the case.”
Beneficial relationship
Signing the enhanced agreement, Asic commissioner John Price said: “Asic and the FCA have developed an immensely beneficial relationship on fintech, including through our quarterly information sharing calls.”
