Fintech Horizons - February 2016

Welcome to Fintech Horizons. This edition's briefings cover: 

• The FCA’s consultation on proposed guidance on cloud and other IT outsourcing – As cloud solutions become more prevalent and the deadline approaches for feedback to the FCA’s guidance consultation 15/6 for firms outsourcing to the “cloud” (12 February 2016), we provide a brief reminder on the FCA’s proposals.
• Internationally mobile employees - is their "base" for pensions and tax the same? – We take a brief look at the case of The Queen on the application of Fleet Maritime Services (Bermuda) Limited v The Pensions Regulator, which will be of interest to international Fintech businesses and entrepreneurs setting up in the UK and considers the meaning of "Ordinarily working in Great Britain" for the purposes of auto enrolment in an employer’s pension plan.
• Following Big Data in Retail Insurance and the Regulatory Sandbox, the FCA consults on “RegTech” – Confirming its position as an engaged regulator seeking to foster innovation, the FCA is consulting on how to improve compliance and reporting requirements through RegTech.  In this article, we raise some of the issues that are being raised by the industry, the FCA’s update on responses to date and stakeholder workshops expected in the coming months.
• A recap on the Enterprise Investment Scheme (EIS) – Relevant to both investors and Fintech businesses seeking funding, we provide a recap on EIS and the potentially generous tax reliefs available.

If you would like further information on any of the topics above, please contact a member of the fintech team, or your usual lawyer at Burges Salmon.