Regulation & Compliance - Long Reads, News, Articles & Research: Finextra

Banks must prepare for the next Black Swan event

Níamh Curran Senior Reporter at Finextra

Banks must prepare for the next Black Swan event

This is an excerpt from The Future of Risk Management and Compliance 2023 report. Within the context of these arising risks, financial institutions are looking to increasingly sophisticated ways of preparing themselves for these events, and the crimes they make institutions vulnerable to. Roshni Patel, Quantexa, refers to these global events as, ‘B...

14 June 2023 /regulation

Níamh Curran Senior Reporter at Finextra

New risks in an uncertain market

This is an excerpt from The Future of Risk Management and Compliance 2023 report. External global factors continuously have an impact on on the challenges faced by financial institutions around regulation. The last few years have challenged the compliance departments in most financial institutions, but 2022 moving into 2023 has offered a host of n...

13 June 2023 /regulation

Consumer Duty will require institutions to deliver good outcomes for retail customers

Paige McNamee

Consumer Duty will require institutions to deliver good outcomes for retail customers

This is an excerpt from The Future of Risk Management and Compliance 2023 report. The UK ’s long awaited Consumer Duty is due to come into force on the 31st of July 2023, and financial institutions are being encouraged to “eat the frog” in the coming months and ensure they are fully prepared for the impending regulation. The FCA’s Consumer Duty wi...

25 May 2023 /regulation

CBDC and progress across digital currencies could be feasible

Paige McNamee

CBDC and progress across digital currencies could be feasible

This is an excerpt from The Future of Risk Management and Compliance 2023 report. Under the technology and innovation pillar of The Edinburgh Reforms, the UK Government outlined its desire to ensure the regulatory framework supports innovation and leadership in emerging areas of finance, facilitating the adoption of cutting-edge technologies. The R...

24 May 2023 /regulation

Open banking reviews should lay the groundwork for open finance

Paige McNamee

Open banking reviews should lay the groundwork for open finance

This is an excerpt from The Future of Risk Management and Compliance 2023 report. During 2022, European regulators launched consultations into revisions for the Second Payment Services Directive, otherwise known as PSD2. Since coming into effect in 2016, payments have evolved dramatically, and regulators are motivated to understand the impact PSD2...

15 May 2023 /regulation

Understanding the regulatory impact of the Financial Services and Markets Bill

Retired Member

Understanding the regulatory impact of the Financial Services and Markets Bill

The Financial Services and Markets Bill 2022-23 (the Bill) is currently making its way through the House of Lords. First introduced to Parliament last July, the Bill is expected to introduce significant and extensive changes to the UK’s financial services regulation post-Brexit. Among other key proposals, the Bill has set out specific measures to ...

11 May 2023 /regulation

AML and financial crime efforts will be pursued aggressively

Paige McNamee

AML and financial crime efforts will be pursued aggressively

This is an excerpt from The Future of Risk Management and Compliance 2023 report. Financial crime, particularly anti-money laundering (AML) and counter-terrorist financing measures remains at the top of regulators’ agenda. Global tensions and instability, anti-money laundering, and counter-terrorist financing measures have become central to risk m...

10 May 2023 /regulation

Operational Resilience preparation a top priority for financial institutions

Paige McNamee

Operational Resilience preparation a top priority for financial institutions

This is an excerpt from The Future of Risk Management and Compliance 2023 report. In the UK and many other major economies, operational resilience remains a key regulatory focus area. The current and projected economic climate will likely be one in which many financial services firms will face external pressures, and firms need to carefully implem...

05 May 2023 /regulation

Introducing ISO 20022 to Lynx, Canada’s high-value payment system

Mike Hoganson Director, Lynx at Payments Canada

Introducing ISO 20022 to Lynx, Canada’s high-value payment system

The Canadian economy depends on the exchange of billions of dollars each day. Payments Canada’s payment clearing and settlement infrastructure, including the associated systems, bylaws, rules and standards, is integral to that process. To support the economy’s ability to keep pace in today’s digital world﹘with shifting consumer and business needs,...

04 May 2023 /regulation

Sanctions will play an increasingly prominent role

Paige McNamee

Sanctions will play an increasingly prominent role

This is an excerpt from The Future of Risk Management and Compliance 2023 report. During 2022, several events significantly contributed to an increased level of global instability, led in no small part by Russia’s invasion of Ukraine, a readjustment to life post-Covid-19, and inflationary spirals affecting major global economies, spurring renewed ...

02 May 2023 /regulation

Will SVB’s collapse and Credit Suisse’s bailout result in increased spend on risk management?

Madhvi Sonia Head of Content at Finextra

Will SVB’s collapse and Credit Suisse’s bailout result in increased spend on risk management?

SVB UK has been sold to HSBC and continues to exist as a legal entity. For technology companies and their investors, now is the time for reflection and preparing for any future risk of a similar collapse. According to Allen & Overy, the “collapse of SVB at the heart of the global tech ecosystem was a surprise to many in the industry. It highli...

13 April 2023 /regulation

The Financial Services and Markets Bill - Crypto, cash, and a regulatory dash

Chris Holmes Peer at House of Lords

The Financial Services and Markets Bill - Crypto, cash, and a regulatory dash

The Financial Services and Markets Bill is the biggest shake up of financial services in a generation. It is making its way steadily through the legislative process and has on 23rd March 2023, completed Committee Stage in the House of Lords. Report Stage is yet to be scheduled. It is a huge Bill which will make wide-ranging changes to the regulati...

03 April 2023 /regulation

Long reads