An FCA report evaluates the chequered implementation of technology change and identifies risks and best practices to help firms better navigate this change. By Andrew C. Moyle, Alain Traill, and Jagveen S. Tyndall Of the nearly 1,000 “material incidents” reported to the UK’s Financial Conduct Authority (FCA) in 2019, 17% were caused by change-related activity. … Continue Reading
New resource developed following increased regulatory focus on outsourcing. Latham & Watkins has partnered with the Association for Financial Markets in Europe (AFME) and law firms Matheson and BSP to develop: Outsourcing – Guidance on the Legal and Regulatory Framework, a pioneering resource examining the key European legislation, rules, and guidance for financial services firms … Continue Reading
UK Treasury Committee report warns that the current level and frequency of disruption and consumer harm is unacceptable. By Carl Simon Fernandes, Nicola Higgs, Fiona M. Maclean, Christian F. McDermott, Rob Moulton, Andrew C. Moyle, Stuart Davis, and Charlotte Collins On 28 October 2019, the Treasury Committee published a report on IT failures in the financial services sector. The … Continue Reading
From August 2019, certain existing FCA rules and guidance will extend to payment service providers and e-money issuers in a signal that the FCA wants a consistent approach to consumer protection. By Rob Moulton, Brett Carr, and Frida Montenius The FCA has published a Policy Statement extending certain rules and guidance to the payment services … Continue Reading
The PSR will not review the fees and rules set by Visa and Mastercard, but will look at the practice of bundling, and will examine effects on innovation in card-acquiring services. By Brett Carr, Stuart Davis, and Christian McDermott Following the publication of its Draft Terms of Reference in July 2018, the PSR has now … Continue Reading
By Andrew Moyle and Stuart Davis The UK government’s 2017 Autumn Budget included some measures of particular interest for fintech firms, demonstrating the government’s continued commitment to making the UK a world-leading fintech hub. The government has provided only scant detail on these measures at present, but no doubt firms will be watching closely to … Continue Reading
By Andrew Moyle and Stuart Davis The Project Stella report, a European Central Bank (ECB) and Bank of Japan (BOJ) joint venture, details the applicability of distributed ledger technology for financial market infrastructure. During a one-month research project, the central banks tested whether distributed ledger technology (DLT) could sustain the liquidity saving mechanisms — a … Continue Reading
