8 September 2021 | 08:50 AM – 09:30 AM BST In retail – the front line of the financial sector – things have moved on significantly since the start of the COVID-19 pandemic with the introduction of new technology and investment opportunities. With these changes new risks have emerged, increasing vulnerability among consumers – particularly younger consumers … Continue Reading
The bumper crop of podcasts continues this week with the release of Episode 10 of the Regulation Tomorrow monthly podcast. In this episode we hear from Norton Rose Fulbright’s US Head of Fintech, Steve Aschettino, who gives an overview of the payments landscape in the US and some of the prevailing trends in the area. … Continue Reading
The commissioning of independent reviews is something the board of the Financial Ombudsman Service (FOS) undertakes periodically. On 23 July, the FOS website published a press release stating that another independent review had been commissioned into whether the FOS can continue to meet the needs of its customers, both businesses and consumers. The review will … Continue Reading
On 20 July 2021, the European Commission published a package of legislative proposals designed to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The legislative package consists of a: Regulation establishing a new EU AML/CFT Authority. In the financial sector, this new European Authority directly supervise financial sector entities that … Continue Reading
On 29 June 2021, the FCA published a Dear CEO letter that it had issued detailing common themes coming out of its recent assessments of retail banks’ financial crime systems and controls. In the Dear CEO letter the FCA reminds firms that the Senior Managers and Certification Regime (SMCR) places a responsibility on all senior … Continue Reading
On 9 June we hosted the latest in our monthly briefing series, which focussed on good governance in a pandemic and post pandemic context. Within this, the session covered the following topics: Senior Managers and Certification Regime: How this has evolved through the pandemic FCA key areas of focus Governance hot topics Culture, diversity and … Continue Reading
Another episode of RT Plus is out now to download and stream. In this episode we hear from Peter Snowdon, Imogen Garner, John Coley and Matthew Gregory as they discuss the recent speech given by FCA Chairman, Charles Randell, on outcomes based regulation. RT Plus and the monthly podcast, the Regulation Tomorrow Podcast, are available … Continue Reading
Date: 9th June 2021 Time: 08:50am – 09:30am GMT The COVID-19 pandemic has led to many challenges for businesses, including large-scale remote working, staff lay-offs, increased use of online services and more vulnerable customers. In light of this, good governance has never been more important with company boards under close scrutiny from all stakeholders including … Continue Reading
On 1 July 2020, the Prudential Regulation Authority (PRA) published a “Dear CEO letter”, which stated that firms (i.e. UK-incorporated entities) need to have fully embedded their approaches to managing climate related financial risks by the end of 2021. The end of 2021 deadline represents more than two and a half years since the PRA … Continue Reading
On 25 March 2021, the FCA published the findings from its multi-firm review where it considered mortgage and consumer credit firms’ implementation of the September 2020 Tailored Support Guidance (TSG) covering mortgages, consumer credit and overdrafts and the operational readiness of firms to support customers in financial difficulty. The key findings from the FCA review … Continue Reading
On 25 March 2021, the Working Group on Sterling Risk-Free Reference Rates (Working Group) published the minutes from its virtual meeting held on 23 February 2021. Key points in the minutes include: PRA representatives indicated that supervisory oversight would intensify over the coming weeks and months, with an active meeting programme and monitoring in place … Continue Reading
On 24 March 2021, the Department for Business, Energy & Industrial Strategy published a Consultation Paper on proposals to mandate climate-related financial disclosures by: Relevant Public Interest Entities – UK companies that are currently required to produce a non-financial information statement (i.e UK companies with more than 500 employees that have transferable securities admitted to … Continue Reading
The first episode of our new spin-off podcast – Regulation Tomorrow Plus – is out now. Regulation Tomorrow Plus will be released outside of the usual monthly schedule for the Regulation Tomorrow Podcast, and will be reacting to a single issue, piece of news or publication in as timely a manner as possible. These episodes … Continue Reading
On 23 February 2021, the FCA published Finalised Guidance 21/1: Guidance for firms on the fair treatment of vulnerable customers (FG21/1). FG21/1 applies to all firms where the Principles for Businesses (Principles) apply, regardless of sector. It applies to the supply of products or services to retail customers who are natural persons, even if a … Continue Reading
The pandemic has created a number of challenges for the retail sector as firms deal with growing operational and financial pressures, whilst many of their customers face difficulties in meeting their commitments. Join us on 3 March at 08.50 – 09.30 GMT for our latest 40 minute briefing as we explore the current state of … Continue Reading
The pandemic has created a number of challenges for the retail sector as firms deal with growing operational and financial pressures, whilst many of their customers face difficulties in meeting their commitments. Join us on 3 March at 08.50 – 09.30 GMT for our latest 40 minute briefing as we explore the current state of … Continue Reading
On 6 May 2020, we reported that the FCA had published a new webpage concerning a statement on financial crime systems and controls during coronavirus situation. On 8 January 2021, the FCA added the following text to this webpage, “This statement will no longer apply from 7 February 2021”.… Continue Reading
Episode 3 of the Regulation Tomorrow Podcast is out now. In this month’s episode we catch up on Brexit with Jonathan Herbst, we take a global look at vulnerable customer initiatives with John Coley from the Risk Consultancy practice in London and Helen Taylor from Sydney, and we speak to Katie Stephen and Sonya Zywko … Continue Reading
Last week our Risk Consulting team launched the Conduct Healthcheck, a new product which will provide retail financial institutions with practical insights, analysis and guidance, helping them to navigate the conduct challenges and risks they are facing in respect of the pandemic. To find out more about the Conduct Healthcheck, watch our short video in which … Continue Reading
Episode 3 of the Regulation Tomorrow Podcast is out next week. Please visit this blog or subscribe on Apple Podcasts or iTunes to make sure you don’t miss out. In this month’s podcast, Jonathan is back with more Brexit updates, Katie Stephen and Sonya Zywko from our disputes team provide an update on the latest … Continue Reading
The global pandemic has brought the importance of good conduct and fair customer outcomes firmly into the spotlight. Whilst this principle is clear, how to interpret it effectively across different sectors, customer service arrangements and delivery models can be challenging. Businesses have also had to rapidly adapt to the broad and growing range of guidance … Continue Reading
On 20 October 2020, the FCA updated its webpage concerning firm handling of complaints during the COVID-19 pandemic. The FCA has provided updated information on payment protection insurance (PPI) complaints and reinforces its messaging about the importance of continuing to comply with complaint handling requirements. In particular, claims management companies are reminded of the FCA’s … Continue Reading
Financial institutions have had to deal with two challenges in the face of the COVID-19 pandemic. The first challenge is financial – how to address and mitigate the sharp drop in the value of financial assets or loss of liquidity. The second challenge is operational – how to address the risk of failure of resources … Continue Reading
The recording from the October 40 Minute Briefing, Learning lessons: Proactive governance in the autumn, is now available here. In the October edition of the webinar we focussed on “lessons learned” reviews, examining how such reviews can be successfully conducted so that they are valuable exercises. The webinar also considered skilled persons reviews, focussing in … Continue Reading
