Financial services firms are increasingly reliant upon third-party companies to provide important services, ranging from cloud services and data analytics to machine learning and cash distribution. As these third parties...more
10/6/2022
/ Committee on Payments and Market Infrastructure (CPMI) ,
Discussion Draft ,
Financial Regulatory Agencies ,
Financial Services Industry ,
HM Treasury ,
IOSCO ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Risk Mitigation ,
Third-Party Risk ,
Third-Party Service Provider ,
UK
A key outcome of the UK’s Financial Conduct Authority’s (“FCA”) ESG strategy is the promotion of integrity within the ESG-labelled securities market, supported by the growth of effective service providers. To that end, in...more
Artificial intelligence (AI) and algorithmic models are used extensively in the financial services sector across a broad range of business areas. Two-thirds of respondents to a survey conducted jointly by the UK’s Prudential...more
7/6/2022
/ Algorithms ,
Artificial Intelligence ,
Bias ,
Data Integrity ,
Data Management ,
Duty of Care ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Information Reports ,
Prudential Regulation Authority (PRA) ,
Risk Mitigation ,
SMCR ,
Surveys ,
Transparency ,
UK
Yesterday the UK’s Treasury Department announced the appointment of a Green Technical Advisory Group (GTAG), set up to advise and assist the UK Government in its development and implementation of a Green Taxonomy, aimed at...more
Five years ago, on 7 March 2016, the Senior Managers and Certification Regime (SMCR) came into force. At first it applied only to dual-regulated banks, those which are regulated both by the FCA and PRA.
Originally...more
In January 2017, the UK Government issued a consultation paper calling for evidence on reforming corporate criminal liability for economic crime. Nearly four years later, on 3 November 2020, the Government’s response was...more
11/11/2020
/ Compliance ,
Consultation ,
Corporate Crimes ,
Corporate Liability ,
Criminal Liability ,
Environmental Violations ,
Financial Crimes ,
Financial Services Industry ,
Human Rights ,
Proceeds of Crime Act 2002 (POCA) ,
UK ,
UK Bribery Act ,
UK Corporate Criminal Offense
On 11 March 2020 the FCA published new research on cyber security. The research is the product of its Cyber Coordination Groups (CCGs) which were created through an FCA initiative in 2017. The CCGs bring together over 185...more
The Criminal Finances Act 2017 (“the Act”)1 came into force on 30 September 2017. The Act contains a patchwork of new powers, and amendments to existing legislation, largely directed at combatting money laundering and...more
An expectation that regulated financial services firms be ‘cyber-resilient’ should not cause any surprise. Cyber-crime and data breaches represent major risks for business generally. Comparatively, that risk is not mitigated...more