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NextGen Nordics 2025: Real-Time Insights and Updates from Stockholm
The NextGen Nordics 2025 event opened with discussions on innovation and compliance in Nordic payments. Host Debi Bell Hosking emphasized collaboration and shared insights from a Finextra survey, revealing that 32% of Nordic organizations prioritize technology adoption. A poll indicated a demand for increased payment friction to combat fraud, although many felt regulations hinder innovation. Bankgirot CEO Clarina Olsson highlighted the need for a new mass payments system and expressed skepticism about future initiatives like P27 due to regulatory challenges. She also raised concerns about cybersecurity and the geopolitical landscape, stressing the need for greater preparedness in these uncertain times.
CFPB Demands Wise to Pay Over $2 Million: Key Insights on the Enforcement Action
Wise, a London-based financial technology company, faces scrutiny from the Consumer Financial Protection Bureau (CFPB) for allegedly misleading customers about fees and failing to disclose accurate exchange rates. The CFPB found that Wise’s advertising misrepresented benefits like lower ATM fees and free withdrawals, which did not apply to U.S. customers. Additionally, the company failed to disclose accurate fees for certain transactions and did not refund fees when funds were delayed. As a consequence, Wise has been ordered to pay $450,000 to affected customers and $2.025 million to a victims relief fund, highlighting the need for transparency in the financial services industry.
Unlocking the Future: NextGen Nordics 2025 Agenda on DORA, VoP, CBDC, Instant Payments, Fraud Prevention, and Generative AI
NextGen Nordics 2025 is a key conference addressing challenges and opportunities in the payments sector, focusing on evolving regulations and technology. Key topics include the Digital Operational Resilience Act (DORA), EU Instant Payment Regulation, payment fraud reduction, and the potential of Central Bank Digital Currency (CBDC). The event will feature expert panels discussing fraud prevention, Generative AI in payments, and the fintech role in the Nordic ecosystem. It offers networking opportunities for stakeholders in software, IT services, and banking. Sponsorship options are available for brands seeking visibility. Register now to participate in this pivotal event.
Nikhil Rathi Reappointed as FCA’s Chief Executive: A New Era of Leadership
Nikhil Rathi has been reappointed as Chief Executive of the Financial Conduct Authority (FCA), highlighting his leadership during a transformative period for UK financial regulation. First appointed in 2020, Rathi has strengthened consumer protection, enhanced regulatory frameworks, and promoted fintech innovation. His renewed role focuses on adapting to market changes, collaborating with industry stakeholders, and fostering financial inclusion for underserved communities. The reappointment has received positive reactions from industry leaders, reflecting confidence in his vision for reforming financial services. Rathi’s experience and strategic direction are vital for shaping the future of financial regulation in the UK.
FCA Intensifies Efforts to Combat Misleading Financial Promotions: Doubling Down on Enforcement Actions
The Financial Conduct Authority (FCA) has raised alarms about issues with cryptoasset promotions, debt solutions, and claims management companies (CMCs). In 2024, 9,197 CMC promotions, many targeting vulnerable consumers with claims related to housing disrepair and motor finance, were withdrawn. The FCA is calling for enhanced regulation and urging social media platforms to take action against illegal promotions. A targeted crackdown on “finfluencers” has led to interviews with 20 individuals linked to misleading promotions. Director Lucy Castledine stressed the need for firms to comply with standards to protect consumers from harmful financial practices.