Logic-Defying Regulation Threatens UK Small Business Lending
A new report from Innovate Finance, a fintech body, criticizes the UK's prudential regulation as "logic-defying" and a threat to small business lending.
The report accuses the Prudential Regulation Authority of imposing "excessive" and "uneven" regulatory burdens on challenger banks, creating a tilted playing field in favor of large incumbents, as stated by Innovate Finance:
Rules "intentionally favour" large incumbents.
Accountants warn that this could increase economic crime. The issue arises amidst mixed messaging from CEOs and division among national regulators over Esma's MiCA role.
- National regulators are divided over Esma's MiCA role.
- Principality races to exit FATF's grey list.
Author's summary: UK regulation threatens small business lending.
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