As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations. By Fiona M. Maclean, Becky Critchley, Gabriel Lakeman, Gary Whitehead, and Charlotte Collins As financial services firms digest FS2/23, the joint Feedback Statement on Artificial Intelligence and Machine Learning issued by the FCA, Bank of England, … Continue Reading
The letters ask senior management to prioritise implementing the Duty. By David Berman, Nicola Higgs, Rob Moulton, Becky Critchley, Ella McGinn, Jaime O’Connell, and Dianne Bell On 3 February 2023, the FCA published Dear CEO/Director letters underscoring the immediate (i.e., during the implementation period up until 31 July 2023) and longer-term expectations, priorities, and demands under the Consumer Duty. For further information, see Latham’s … Continue Reading
The FCA has reviewed firms’ progress to embed the Duty into their businesses, providing good and poor practice examples for firms to improve and direct their implementation work. By Nicola Higgs, Becky Critchley, Jaime O’Connell, and Dianne Bell The Consumer Duty (Duty) rules (as set out under the FCA’s Policy Paper (PS22/9) and guidance document FG22/5) come into force at … Continue Reading
A consultation that will remain open until 11 April 2023 offers further clarity on the proposals to regulate buy-now-pay-later products. By Rob Moulton, Becky Critchley, Ella McGinn, and Dianne Bell On 14 February 2023, HM Treasury published its consultation and accompanying draft legislation on the regulation of buy-now-pay-later (BNPL) lending. The consultation follows the proposals … Continue Reading
Latham’s Global Co-Chair of the Financial Institutions Industry Group, Nicola Higgs, sits down with Lucy McNulty, host of the Following the Rules podcast, to discuss how financial services firms should adapt to the constant evolution of ESG requirements. In this podcast interview, host Lucy McNulty talks to Nicola Higgs, Latham’s Global Co-Chair of the Financial … Continue Reading
By David Berman, Sarah Gadd, Nicola Higgs, Rob Moulton, Becky Critchley, and Nell Perks The FCA’s latest report into D&I highlights the need for additional metrics, social mobility, firm culture, staff development, data quality, and systematic strategies. In 2021 and 2022, the FCA carried out a survey of firms in respect of their approach to … Continue Reading
The regulators suggest improvements to the supervision of firms passporting retail products and services in the EU. By Rob Moulton, Thomas Vogel, and Charlotte Collins The French and Dutch financial services regulators (the AFM and the AMF) have published a joint position paper on strengthening conduct supervision of cross-border retail financial services. The regulators are … Continue Reading
Discussion Paper opens debate on potential new rules to improve diversity in financial services. By Rob Moulton, David Berman, Paul Davies, and Charlotte Collins On 7 July 2021, the FCA, the PRA, and the Bank of England published a joint Discussion Paper on diversity and inclusion in the financial sector. The regulators, in particular the … Continue Reading
Equivalence decisions for EEA states, green finance and fintech initiatives are at the forefront of the UK government’s priorities. By Rob Moulton, Anne Mainwaring, and Anna Lewis-Martinez On 9 November 2020, the UK Chancellor of the Exchequer, Rishi Sunak, delivered a statement setting out plans for the start of a new chapter for UK financial … Continue Reading
The UK government signals a diversion from the onshored regime towards a more flexible financial services regulatory framework. By Rob Moulton, Anne Mainwaring, and Anna Lewis-Martinez HM Treasury has published a consultation paper marking the start of Phase II of its financial services review, which will focus on the broader regulatory framework for financial services … Continue Reading
MAS confirms regulatory approach for best execution and timeline for compliance. By Farhana Sharmeen and Marc Jia Renn Tan On 3 September 2020, the Monetary Authority of Singapore (the MAS) issued a response to feedback about its proposal for capital markets service license holders, banks, merchant banks, and finance companies that conduct certain regulated activities … Continue Reading
The guidelines aim to strengthen the accountability of senior managers in financial institutions. By Farhana Sharmeen and Marc Jia Renn Tan On 10 September 2020, the Monetary Authority of Singapore (the MAS) issued guidelines (the Guidelines) to strengthen the accountability of individuals who are employed by, or acting for or by arrangement with, financial institutions, … Continue Reading
The FCA has provided updated guidance on the SMCR for solo-regulated firms, with new information on good and bad practices in two key areas. By David Berman and Anna Lewis-Martinez On 14 August 2020, the FCA updated its webpage on the Senior Managers and Certification Regime (SMCR) for solo-regulated firms. The updates include tables setting … Continue Reading
HM Treasury is planning significant changes to the financial promotion regime, including expanding its scope to certain cryptoassets, and amending the approval process for promotions of unauthorised firms. By Stuart Davis, Sam Maxson, and Anna Lewis-Martinez On 20 July 2020, HM Treasury published two consultation papers on a regulatory framework for approval of financial promotions … Continue Reading
Financial Services Regulatory Initiatives Forum and the Regulatory Initiatives Grid to be introduced this summer. By: Anna Lewis-Martinez and Rob Moulton On 11 March 2020, HM Treasury published its response to the Call for Evidence on Regulatory Coordination. In the summer of 2019, the government launched HM Treasury’s Financial Services Future Regulatory Framework Review to … Continue Reading
Call for evidence on regulatory cooperation marks the first phase of the planned review. By Carl Fernandes, Nicola Higgs, Rob Moulton, and Charlotte Collins The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework Review — examining the long-term effectiveness of the UK regulatory regime and considering … Continue Reading
