Fca
“How should the UK's conduct regulator supervise a rapidly expanding embedded finance and open banking ecosystem while protecting consumers and maintaining market integrity?”
The Financial Conduct Authority (FCA) is the UK's statutory conduct regulator for financial services firms, not a commercial embedded finance company. It licenses and supervises payment institutions, electronic money institutions, banks, insurers, and investment firms. The FCA does not itself use embedded finance vendors as a customer; rather, it is the regulatory authority that grants permissions (e.g. AISP, PISP, EMI, payment institution) to embedded finance providers such as Yapily, Checkout.com, and Modulr. Evidence gathered conflates the regulator with a commercial entity — no embedded finance stack is applicable.