Retired Member
It’s a common observation that change is constant and accelerating, and this is certainly true in the regulatory space, and amplified by the disruptions of Covid and Brexit. Significant new regulations (e.g. MiFIR, FinIA, FinSA, AIFMD, and MiFID to name just a few) flow alongside ongoing adjustments, clarifications, and enforcements and add up to ...
05 April 2021 /regulation /crime
Vikas Seth Chief Product Officer at IDnow Gmbh
As per recent report from Wall Street Journal one quarter of 165,000 branches of various banks in Europe will go away in next three years (https://www.wsj.com/articles/european-banks-use-pandemic-to-clean-house-11613298601). In 2020, one of the biggest car rental company closed more than 600 physical locations in Europe and middle east (https://ww...
04 April 2021 /regulation /identity Digital Identity Management
Keith Stonell Managing Director, EMEA at Guidewire
The FCA consultation on fairness in pricing is closed. The industry now knows when they must have new controls, systems, and rules in place by September, and be ready to go live with new price and auto-renewal processes at the end of the year. So, insurers are now firmly on course to ensure pricing for new and existing customers must be the same, ...
01 April 2021 /regulation /predictions Digital Insurance Trends
Two companies, a similar crime and significantly different penalties. Here’s what lessons we can learn from the G4S and Serco cases. Head of the Serious Fraud Office Lisa Osofsky has used a speech at a Society of Corporate Compliance & Ethics conference to show why the SFO will go easier on those firms which have made efforts to cooperate and...
31 March 2021 /regulation /crime
On Friday the Bank of England’s Financial Policy Committee (FPC) published their latest policy summary and record. As part of the summary, they shared an update on the plans for the next “cyber stress test”. For those that aren’t aware, back in 2017, the FPC set out the elements of the framework of regulation to strengthen the resilience of t...
30 March 2021 /security /regulation
Five years on from its birth and a year after it was rolled out to solo-regulated firms, what impact has the Senior Managers’ Certification Regime had? SMCR was intended to improve behaviour and personal accountability in the financial sector. Is it achieving its goals? Enforcement SMCR has led to only one enforcement action so far. A freedom of...
29 March 2021 /regulation
Maximilian Dyck
Automation technology has changed the world in more ways than one. Smart phones can recommend music choices based on listening patterns, while self-driving cars are becoming reality. Better automation can also significantly transform supervision and regulatory reporting at financial institutions. With the regulatory burden increasing, new technolo...
26 March 2021 /regulation Financial Services Regulation
Tom Greenwood Founder & CEO at Volt
Whatever side you were on in the Brexit debate, it’s hard to imagine any merchant welcoming reports of the card schemes quintupling fees for cross-border payments between the UK and EU. No longer constrained by the EU’s cap on interchange fees, Visa and Mastercard plan to increase their interchange to 150 basis points (bps) for credit card, and 115...
26 March 2021 /payments /regulation Open Banking
Anne Plested Regulation at ION Markets
The review of MiFID/MiFIR is now well underway following the regulations’ 2-year anniversary in 2020. In their most recent consultation paper ESMA, the European securities and markets authority, was keen to hear from trading venues and investment firms engaged in algorithmic and high-frequency trading. Consulting on the efficiencies of the existin...
25 March 2021 /regulation /markets
Alistair Catto Managing Director at Beyond
I recently co-hosted an industry workshop with Arachnys, a KYC and AML data specialist, exploring the potential benefits and challenges associated with adopting Perpetual KYC. Limited to just 20 participants, we were joined by representatives from several leading banks and asset managers including, Goldman Sachs, Investec, HSBC, Morgan Stanley and...
23 March 2021 /regulation /crime Financial Risk Management
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