FCA registration for a fintech that relies on third party data providers
A fintech built on third party data and verification providers had to show the FCA exactly how its service and supply chain worked. MEMA set that out, and the firm was registered.
- RegisteredWith the FCA
- MappedThird party provider chain
The challenge
The firm's service depended on external providers for data connectivity and identity verification. Its application had to explain the service, the customer journey and each provider's role clearly enough for the FCA to assess it.
Regulatory context
Registration under the Payment Services Regulations 2017, including FCA scrutiny of the regulatory perimeter, the customer journey and the firm's oversight of outsourced and third party providers.
What we did
- Set out the regulatory perimeter and the customer journey
- Explained the role of each third party provider in the service
- Built the control framework underpinning the application
- Wrote the governance narrative on data use, support and compliance
The outcome
The firm was registered by the FCA.
Client details are presented to protect confidentiality. Outcomes reflect specific engagements and are not a guarantee of results, as every firm's circumstances differ.
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