Equifax UK and CienDos Partner to Revolutionise Financed Emissions Reporting
FinTech Scotland’s strategic partner Equifax UK has partnered with Scottish fintech CienDos to launch the Financed Emissions Calculator™, a game-changing solution designed to streamline sustainability reporting and help financial institutions track their carbon footprint with greater precision.
Transforming financed emissions calculations
The Financed Emissions Calculator™ is the first-to-market solution that automates the traditionally manual and error-prone processes of measuring financed emissions. Built on Equifax’s fully cloud-native infrastructure, this innovative tool combines Equifax’s commercial credit insights with CienDos’ advanced emissions data methodologies. The result? A powerful platform that provides lenders with robust, auditable, and transparent carbon values based on sector-specific emission factors.
Financial institutions can now:
- Enhance accuracy in emissions reporting
- Improve traceability of carbon data across portfolios
- Align with regulatory compliance under frameworks like IFRS S2
- Make informed lending and investment decisions to support net-zero targets
Why financed emissions matter
Financed emissions are the greenhouse gas (GHG) emissions indirectly attributed to financial institutions through their lending and investment activities. Unlike direct emissions, which stem from an organisation’s own operations, financed emissions come from the projects and businesses that banks, insurers, and asset managers fund. In many cases, financed emissions make up up to 95% of a financial institution’s total carbon footprint, forming a crucial part of Scope 3.15 reporting requirements.
Until now, many institutions have relied on high-level estimations and manual spreadsheets, making it difficult to track real-time emissions or project future climate impact scenarios. The Financed Emissions Calculator™ changes this landscape by offering an automated, data-driven solution that enhances transparency and enables more effective decision-making.
Equifax UK’s ESG Product Manager, Brad Davies, emphasised the critical role of financial institutions in tackling climate change:
“The role of financial institutions in helping to combat climate change is gaining significant attention, but indirect financed emissions associated with loans and other credit lines are among the most complex to track. By integrating environmental data with leading financial risk assessments, the Financed Emissions Calculator™ empowers UK lenders to measure and mitigate their climate impact. We’re excited to partner with CienDos to fill the knowledge gaps for clients with this first-to-market solution.”
CienDos Chief Executive Julia Salmond highlighted the collaboration’s impact on simplifying sustainability reporting:
“Equifax and CienDos have a shared vision to simplify the complex reporting requirements around financial firms’ carbon footprints. As a critical player at the heart of the UK financial ecosystem, Equifax’s extensive commercial credit data successfully combines with our own market-leading emissions data technology to help transform the management of portfolio emissions for firms, delivering greater accuracy and precision for their financed emissions reporting needs.”
FinTech companies awarded £250,000 to accelerate new developments that drive good consumer outcomes
Five fintech firms have each been awarded £50,000 to propel developments that support financial inclusion, accelerate financial resilience and deepen consumer engagement in financial services.
FinTech Scotland, in partnership with the University of Strathclyde and University of Glasgow, announced the outcome of the latest Consumer Duty Innovation Call from its Financial Regulation Innovation Lab (FRIL), an Innovation Accelerator project funded by Innovate UK.
Backed by 14 leading financial institutions, the initiative connected 20 global fintech businesses with industry leaders to develop data-driven solutions that enhance consumer outcomes in financial services. Participating fintechs worked closely with senior representatives from PwC, NatWest, Lloyds Banking Group, Equifax, Barclays, Tesco Bank, TSB, Advance Credit Union, Secure Trust Bank, and Dudley Building Society.
The fintech entrepreneurs showcased their solutions in a pitching event at PwC’s Glasgow offices in January. The results saw five fintech firms awarded £50,000 each to develop solutions further and drive real-world impact:
Docstribute – Deepening consumer engagement and improving customer understanding of complex documents.
Ask Silver – Building consumer confidence through an easy to access tool that identifies and reports scams for vulnerable consumers.
NestEgg AI – Driving financial inclusion by enabling easier access to affordable credit and responsible lenders.
MyArk – Deepening financial resilience through enhanced data insights to identify indicators of future financial distress, enabling quicker appropriate interventions.
Profylr – AI-driven risk and compliance insights for financial institutions enabling improved decision making and outcome tracking.
These fintech businesses will continue the collaboration with the industry leaders in the FRIL programme, refining the solutions to ensure real consumer impact while driving the evolution of financial services.
This Innovation Call expanded its reach through a collaboration with SuperTech West Midlands, which enabled credit unions, building societies and Community Development Financial Institutions (CDFIs) like Moneyline to engage in the programme.
Each of the FinTechs participating in the process offers a solution which enables financial services to be more inclusive, accessible and consumer focused. Utilising emerging technologies and advanced data insights continues to drive meaningful impact, shaping a fairer and more transparent financial future.
Nicola Anderson, CEO of FinTech Scotland, commented:
“This latest Customer focused Innovation Call highlights the power of collaboration in driving better outcomes for individuals. By bringing together ambitious fintech firms and leading financial institutions, not only enhances good consumer outcomes—it accelerates development of inclusive digital financial services and supports the evolution of the future digital economy.”
Hillary Allen Smyth, Exec Director Supertech, said:
“We’re so proud to have been the first region to collaborate with the FRIL programme and the team at FinTech Scotland. All of our West Midlands partners have gained enormously throughout the innovation call and these grant awards will undoubtedly help to better serve consumers. But they are only a small part of the wider programme impact and through this collaboration, it’s an impact that will be felt far beyond Glasgow’s borders.”
Fraser Wilson, Financial Services Regional Leader, PwC, said:
“Each of these companies are tackling real challenges with fresh thinking and practical solutions and it’s clear that their work has the potential to improve how the financial services sector delivers for consumers. As a business that puts technology at heart of our strategy, hosting the event at our Glasgow offices and seeing these ideas, and the passion from these innovators, was fantastic. It’s this kind of collaboration that pushes forward real progress for the industry and consumers alike.”
Robert McKechnie, Director, Consumer and ID Fraud Products said:
“Equifax is proud to support the Financial Regulation Innovation Lab and its grant award winners of its most recent Consumer Duty Innovation Call in which we sponsored a Use Case. Innovation in financial regulation is key to a more secure and inclusive ecosystem, and we look forward to seeing the potential impact these innovators solutions may have on the industry.”
Scottish Building Society and Legado to Enhance Member Communication
The Scottish Building Society is partnering with Scottish fintech Legado to improve the digital experience for members while aligning with the Society’s broader sustainability objectives.
A Digital-First Approach to Member Engagement
Scottish Building Society has long provided savings accounts and mortgage services and continues to evolve by embracing digital transformation. This latest partnership with Legado introduces an advanced communication platform designed to provide a seamless, secure, and user-friendly experience.
Legado, headquartered in Edinburgh, supports financial services brands across the UK, including FNZ, Moneyhub, and Co-op Legal Services. The company specialises in digital solutions that enhance customer engagement by offering a more structured and intuitive way to manage financial interactions.
Supporting Sustainability Through Paperless Processes
One of the key benefits of this partnership is the move towards paperless communication. By reducing the reliance on physical documents, the Society aims to lower printing and postage costs and reinforce its commitment to net zero targets. This initiative supports both operational efficiency and environmental responsibility, reflecting the broader trends within the financial services industry towards digital-first strategies.
Paul Denton, Chief Executive of the Scottish Building Society, said.
“Our members are at the heart of everything we do, and we are always looking at ways to improve their experience with us and to ease the journey for new members. Legado’s technology enables us to do exactly that, while allowing us to progress towards our net zero goals”.
A Commitment to Innovation and Service Excellence
The collaboration between the Society and Legado is a reflection of changing member expectations. Consumers increasingly seek more streamlined, personalised interactions with financial institutions. Scottish Building Society will be able to offer an improved digital journey for its members, strengthening communication channels and enhancing overall service delivery.
Josif Grace, CEO and Founder of Legado, highlighted the value of the partnership:
“Scottish Building Society will now be able to deliver a more streamlined, secure, and effective communication experience for its valued members. While we work with financial services brands across the UK, it’s great to be working with their team here in Edinburgh where we’re also headquartered.”
Regulatory Horizon Scanning Reinvented by HAELO
According to Thomson Reuters, a new regulatory update is issued every seven minutes. Compliance is critical and relies on manual monitoring methods which is simply no longer viable. That’s why HAELO has launched REGENESIS, a cutting-edge regulatory horizon scanning solution designed to revolutionise how financial institutions navigate compliance challenges.
The Journey to Innovation
HAELO’s journey towards REGENESIS began with a bold step into the Financial Regulation Innovation Lab’s (FRIL) first innovation call in 2024. This led to a transformative twelve-week collaboration with industry mentor Joanne Seagrave, Head of Regulatory Affairs at Tesco Bank, and her team. The partnership allowed HAELO to refine its vision, tailor a real-world use case, and build a proof of concept that directly addresses the increasing regulatory burden faced by financial institutions worldwide.
REGENESIS
Regulatory change is more than a compliance issue, it’s a business risk and operational challenge. Financial services firms must not only track, interpret, and implement new regulations but do so at scale and speed. REGENESIS cuts through the noise by combining expert curation, automation, and advanced data analytics, transforming regulatory monitoring from a labour-intensive process into a strategic advantage.
Key Benefits of REGENESIS:
- Comprehensive Global Intelligence – Aggregates insights from hundreds of regulators and millions of documents in one accessible platform.
- Rapid, Actionable Insight – Provides instant clarity on regulatory changes, enabling firms to make informed decisions faster.
- Future-Proof Compliance – Keeps financial institutions ahead of the curve, ensuring resilience in an unpredictable regulatory landscape.
To showcase its potential, HAELO is offering an exclusive, complimentary three-month trial of REGENESIS for financial services firms. This is an opportunity to explore how automation, expert-driven intelligence, and advanced analytics can enhance regulatory threat intelligence, improve accuracy, and reduce compliance costs.
Secure your trial today by contacting HAELO at Let’s Chat | HAELO.io
Preparing for PSD3 and Beyond
Season 5, episode 3
Listen to the full episode here.
The payments landscape is going through major transformation. PSD2 has been disruptive and with the anticipated arrival of PSD3 a lot of questions are still to be answered. What does PSD3 mean for fintech businesses, banks, merchants, and consumers?
In this episode, we explore the upcoming regulatory shifts, the opportunities and challenges they present, and what the future of payments might look like beyond PSD3. Will this be an evolution or a revolution?
How will Open Banking, embedded finance, and digital walletsbe impacted? And is regulation moving too fast, or not fast enough?
With Ann Zheng, Associate at Pinsent Masons
How Financial Regulation is Evolving: Insights from the Beyond The Capital Podcast
OUT NOW: Beyond The Capital from SuperTech WM has launched a special four-part podcast series about the Financial Regulation Innovation Lab. SuperTech has partnered with Fintech Scotland for the Lab, which is an industry led collaborative research and innovation programme, helping to shape the future financial regulation in the UK.
Join presenter Hilary Smyth-Allen as speaks to a wide range of guests from across the programme exploring the impact of Consumer Duty on the financial services sector and their experiences within the FRIL programme.
First up is Lorraine Breese-Price, the Chief Customer Officer of Dudley Building Society in episode one. They discuss the challenges and opportunities that Consumer Duty poses for building societies, including: the alignment of Consumer Duty with the mutual ownership model, the challenges of legacy systems within building societies and how building societies’ focus on ethical values can attract younger customers.
Episode two sees the conversation focusing on the roles of credit unions in the context of Consumer Duty and the integration of technology to enhance services for vulnerable customers. Helen Toft, a Non-Executive Director at Advance Credit Union in Birmingham, and Elizabeth Campbell, the General Manager at Castlemilk Credit Union in Glasgow, share their experiences and insights on the challenges faced by credit unions, the importance of collaboration with FinTech’s, and the need for innovative solutions to improve customer journeys. They emphasise the intrinsic alignment of consumer duty with credit union values and the potential for technology to enhance accessibility and support vulnerable members.
In episode three we are joined by experts Ben Hampton, CEO of Wealth Wizards, and Professor John Finch of Glasgow University, where John is the lead for the Financial Regulation Innovation Lab project. They explore how the Consumer Duty aims to improve customer outcomes, the challenges faced by consumers in accessing financial advice, and the importance of engaging younger generations like Gen Z. They also discuss the potential for innovation within the regulatory framework and the impact of technology, including AI, on the future of financial services.
Concluding with episode four, Rachel McGowan, CTO of Moneyline, discusses the impact of Consumer Duty on Community Development Finance Institutions (CDFIs) – how the role of CDFIs in providing financial services to low-income households, the alignment with Consumer Duty regulations, and the importance of collaboration with FinTech’s to improve customer outcomes. Rachel shares insights on the challenges faced by financially excluded customers and the innovative solutions being developed to address their needs.
Listen to the full series here.
Navigating Regulatory Risk Trends in 2025: Key Insights from Pinsent Masons
As we step into 2025, the financial services landscape faces a year of transformation, with regulators aiming to balance economic growth with robust consumer protection. In the latest edition of Pinsent Masons’ Financial Services Regulatory Risk Trends update, our strategic partner focusses on critical regulatory developments shaping the industry.
The Financial Conduct Authority’s (FCA) recently released a five-year strategy with a clear focus on resilience—both for consumers and financial institutions. This edition of Financial Services Regulatory Risk Trends explores the key regulatory shifts that firms should be aware of, particularly in relation to consumer and operational resilience.
Consumer Resilience: A Stronger Framework for Protection
The UK Government’s recent Call for Input on closer collaboration between the FCA and the Financial Ombudsman Service (FOS) marks a significant development in consumer protection. This initiative comes at a time when mass redress events—such as undisclosed motor finance commissions—are drawing considerable attention from both regulators and courts.
Additionally, firms must navigate the FCA’s evolving stance on the advice/guidance boundary and targeted consumer support, especially in light of rising customer complaints and the continued embedding of the Consumer Duty framework.
Operational Resilience: Strengthening Financial Infrastructure
Beyond consumer-focused regulation, 2025 will also see increased scrutiny of ‘critical third parties’—a move that introduces further regulatory requirements for firms reliant on outsourced services. These new measures will likely reshape the contractual landscape between financial institutions and their key service providers, reinforcing the need for robust operational resilience strategies.
Sector-Specific Interventions: Motor Insurance and Capital Markets in Focus
The motor insurance market is set for a period of regulatory intervention, with the launch of a competition market study and the establishment of a motor insurance taskforce. These initiatives aim to address concerns surrounding fair pricing and market competition.
Meanwhile, capital markets also face transformation with the arrival of PISCES, a new trading platform set to modernise the sector and enhance market efficiency. With regulators seeking to foster competitiveness while upholding market integrity, firms should anticipate further updates in this space.
Read the full report here.
Systems in the Making: the Role of Companies in Implementing Sustainability Policy and Reporting
This paper focuses on the implementation of corporate sustainability, or Environment, Social and Governance, reporting. The introduction from 2023 of mandatory reporting is a key milestone in sustainability.
Adopting a comparative case method, we identify as related case studies Materiality (in reporting), Transition (in corporate strategy), and Stewardship (in fund management). We compare these by applying the theory-led themes of system openness, the agency or power of coalitions in producing and acting upon reports, contests in the qualification of key data, and through business exchanges related to or enabled by sustainability reports.
Drawing on a two-year applied project, we elaborate upon policy, regulation, business and industrial markets, and business relationships. We find that Materiality is the most stable and well-framed system. It produces key outcomes in depicting a reporting company’s sustainability risks and opportunities. Transition is the most open, influenced by global and jurisdiction task forces, for example tasked with achieving net zero policy obligations.
Stewardship in the UK articulates a set of principles, which guide fund managers in engaging with investee companies. We conclude that sustainability policy is at the same time setting in progress the forming of three systems, corresponding to this paper’s three case studies. Each has its own development, function and sets of facts, though each is beginning to achieve its function through interactions and exchanges with the other two.
Consumer Duty and Beyond
Season 5, episode 2
Listen to the full episode here.
In this episode, we explore the complex challenges and opportunities that organisations face in delivering greater transparency, fairness, and accountability.
As the industry evolves, both fintechs and established financial institutions must navigate these demands to not only meet regulatory requirements but also to exceed them through innovation, ethical practices, and customer-centric strategies.
With Sajedah Karim – Partner at PwC. Sajedah
Joseph Twigg – CEO at Scottish fintech Aveni
John Finch – Professor of Marketing (B2B) at the University of Glasgow’s Adam Smith Business School, and Associate Dean (East Asia) at the University of Glasgow’s College of Social Sciences.
Tackling Messaging Fraud
Season 5, episode 1
Listen to the full episode here.
Join us for the second episode of the FinTech Scotland Podcast’s special series on financial crime, produced in collaboration with our strategic partner BT. This episode looks into the growing and sophisticated threat of messaging fraud, a pressing issue in the financial sector.
Charlotte Moir from BT is joined by Kevin Britt, Product Manager for Messaging at BT, and Paul Maskall, Strategic Fraud Prevention and Behavioural Lead Principal at UK Finance. Together, they unpack why messaging fraud is surging, explore why individuals and businesses continue to fall victim despite increased awareness, and reveal innovative measures being developed to stay ahead of the fraudsters.
We also speak about the exciting work happening in FinTech Scotland’s Financial Regulation Innovation Lab in Glasgow. With major financial institutions like Morgan Stanley, HSBC, and Virgin Money setting challenges, fintechs and tech innovators from around the globe are stepping up to collaborate and tackle financial crime.