Fintech

Fintech

Fintech describes software and other technology implemented to support or enable banking and financial services. Often it is used in connection with innovative start-up companies seeking to improve upon and disrupt existing market practice, but it may equally be used with reference to legacy providers developing and using technology to remain competitive and relevant in delivering financial services.

The financial services sector is of particular significance to the UK economy and, in August 2014, the then Chancellor George Osborne declared his intention to make Britain the global centre of financial innovation and announced measures to support the growth of the country’s fintech sector:

‘It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers here and around the globe, and create the jobs and growth we all want to see in the future.’

This fintech subtopic explores the nature of these emerging innovative technologies, the regulatory framework governing them and the supporting measures seeking to promote their benefits to financial service providers and consumers.

EU

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest TMT News

EDPB launches consultation on draft guidelines on interplay between EU DSA and GDPR

The European Data Protection Board (EDPB) has opened a public consultation on its draft Guidelines 3/2025, which address how the EU Digital Services Act (EU DSA) and Regulation (EU) 2016/679 (General Data Protection Regulation (GDPR)) should be applied consistently where provisions overlap. The draft explains lawful bases for processing personal data when detecting or removing illegal content, clarifies transparency duties for recommender systems and advertising, and underscores the prohibition on targeted ads using special categories of data. It also highlights the importance of cooperation between Digital Services Coordinators and data protection authorities to prevent regulatory inconsistencies. The consultation runs until 31 October 2025.

EU Data Act starts to apply

The European Commission announced that the EU Data Act has entered into force, establishing new rules for data generated by connected devices. Under the Act, manufacturers are required to enable data sharing, while users receive enhanced rights to access device-generated data. The legislation also facilitates the switching of cloud service providers. To support implementation, the Commission will set up a dedicated legal helpdesk and issue guidance that includes model terms for data-sharing contracts, along with clarifications on trade secret protections. Additionally, a broader Data Union Strategy is planned to streamline and enhance the EU's data framework.

DHSC publishes response and lays finalised brand advertising exemption regulations before Parliament

The Department of Health and Social Care (DHSC) has published the government’s response to the consultation on the Advertising (Less Healthy Food and Drink) (Brand Advertising Exemption) Regulations 2025, SI 2025/1011, and laid the regulations and explanatory memorandum before Parliament. The regulations provide an exemption for brand advertising from restrictions on less healthy food and drink advertising on television and online. They are intended to reduce children’s exposure to less healthy products under the government’s policy on tackling childhood obesity. The regulations will apply across the UK from 5 January 2026, with voluntary compliance encouraged from 1 October 2025. Ofcom and the Advertising Standards Authority (ASA) will oversee enforcement, and ASA will issue implementation guidance before commencement.

Ofcom launches investigations into 22 porn websites under Online Safety Act age check requirements

Ofcom has launched investigations into five companies operating 22 pornography websites for potential non-compliance with age verification requirements under the Online Safety Act 2023 (OSA 2023). The companies—Cyberitic, LLC, Web Prime Inc, Youngtek Solutions Ltd, ZD Media s.r.o and the provider of xgroovy—were selected based on risk assessment and user numbers, collectively reaching over eight million UK visitors each month. Ofcom is gathering and analysing evidence to determine any contraventions and will issue provisional notices where compliance failures are identified. Ofcom is also expanding the scope of its ongoing investigations into 8579 LLC and Itai Tech to examine potential failures in adequately responding to statutory information requests.