Bank of England Told to Drive Fintech Innovation as City Firms Brace for FCA Crackdown

The government has given the Bank of England a new legal objective to actively support innovation in payment systems and digital currencies, including stablecoins, in a major push to keep the UK at the forefront of global finance. City Minister Lucy Rigby confirmed the Treasury will amend the Financial Services and Markets Bill, adding a secondary duty for the central bank to report annually on its progress, while insisting financial stability remains the top priority. The...