Latest Reporting/compliance News: Finextra Research

UK regulators propose supervision measures for critical third parties

A discussion paper from the Bank of England (BofE), Financial Conduct Authority (FCA), and Prudential Regulation Authority (PRA) proposes new standards for monitoring services provided by critical third parties (CTP) to strengthen operational resilience in the UK.

22 July 2022

News/regulation

UK proposes new AI rulebook

The UK government has published its plans to regulate the use of artificial intelligence (AI) which would see it depart from the EU's strategy to establish a centralised body to oversee the use of technology.

20 July 2022

News/security

Firms failing to monitor social messaging

Financial services firms are falling short in their efforts to monitor employees' use of social media messaging despite ear-marking communications surveillance as an investment priority, according to recent research.

19 July 2022

News/regulation

FCA continues ‘heavy’ tech investment for decision making

In a speech delivered this week by Nikhil Rathi, chief executive of the UK’s Financial Conduct Authority (FCA), to the Peterson Institute of International Economics, Rathi explained that the regulator has “invested heavily in data and technology” to take a more proactive stance and, crucially, spot harm and intervene more quickly and more broadly.

15 July 2022

News/crime

Bank of America fined $225 million for unlawfully freezing accounts during Covid-19 pandemic

The Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) have fined the Bank of America (BofA) for their deficient disbursement of state unemployment benefits during the Covid-19 pandemic.

15 July 2022

News/regulation

CFPB strengthens data privacy and cybersecurity with new rules

The Consumer Financial Protection Bureau (CFPB) has rolled out new regulations on cyber security and data privacy under the Fair Credit Reporting Act.

08 July 2022

News/regulation

Landmark Digital Services Package passed by European Parliament

The European Parliament has approved the Digital Services Package, comprising the Digital Services Act (DSA) and Digital Marketing Act (DMA), originally put forward by the European Commission in December 2020.

06 July 2022

News/regulation

ECB to issue eurozone warning over crypto regulation – FT

The European Central Bank (ECB) is expected to issue a strong warning to eurozone countries around the pressing need to harmonise regulation across the crypto industry, the FT reports.

04 July 2022

News/sustainable

Research reveals ESG data challenge

Buy-side firms are having to user a greater number of ESG data providers in order to make up for the lack of corporate disclosures around sustainability.

27 June 2022

News/regulation

India proposes tougher IT outsourcing rules for banks

India's central bank, the Reserve Bank of India (RBI), is set to introduce new rules for IT outsourcing within the financial services sector.

27 June 2022

News/regulation

US Senator requests FSOC review into risks of consumer data use

US Senator and Democratic chair of the Senate Banking Committee this week requested that the Financial Stability Oversight Council (FSOC) examine financial institutions’ use of consumer data, and the risks they pose to US financial stability.

10 June 2022

News/payments

EBAday 2022: Balancing smooth onboarding with sanctions screening

During her fireside chat on day two of EBAday, Sabine Zucker, head of trade finance and transaction banking, Raiffeisen Bank International addressed a range of factors influencing the connection between banks and corporates.

01 June 2022

News/payments

EBAday 2022: Preparing for the operational resilience ‘sea change’

Kicking off the EBAday session titled ‘Building Operational Resilience’, moderator Tom Zink, research director, IDC Financial Insights, posed a poll question to the audience, asking ‘how familiar are you with DORA?’

31 May 2022

News/regulation

Allen & Overy announces sixth cohort for Fuse Innovation Hub

Allen & Overy’s Fuse innovation hub has announced members of its sixth cohort, and with 16 businesses tapped to join the Hub’s ranks, this year marks the largest cohort in Fuse’s history.

04 May 2022

News/regulation

IFGS 2022: FCA pursues outcomes-based approach to fintech policy

Speaking on the panel ‘Regulating Innovation: When things start heating up’ on day two of the Innovate Finance Global Summit (IFGS), Richard Fox, the FCA’s director of international, explains the reasoning behind the FCA’s attraction toward outcomes-based fintech regulation in the UK.

05 April 2022

News/crypto

Crypto remains divisive amid Russia's invasion of Ukraine

While the long-lasting effects of the war in Ukraine on cryptocurrency remain unknown, drastic changes across the crypto industry have been felt since Russia’s invasion began eight days ago.

04 March 2022

News/payments

LHV Bank applies for UK banking licence

Payment infrastructure provider LHV has applied for a UK banking licence application to separate business activities in Estonia and the UK.

25 February 2022

News/retail

Santander bets big on BNPL with new service Zinia

Santander today announces the launch of Zinia, its new buy now, pay later (BNPL) service in Germany.

26 January 2022

News/sustainable

City of London policy chair hails UK capital as a centre of green finance

This week, the FCA and the City of London Corporation held a demo day for its Sustainability Cohort initiative, which aims to further green the financial sector and catalyse the transition to net zero.

18 January 2022

News/crypto

Disagreement among Lords: A busy week for digital currency

We knew policymakers and financial leaders would be at their battle stations come 2022, and the updates rolling in across the crypto, CBDC and stablecoin fronts are coming thick and fast. We’ve rounded up the key updates from the private and public sector to make headlines this week:

14 January 2022