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

Why the Electronic Trade Documents Act is the most important law you have never heard of

Chris Holmes Peer at House of Lords

Why the Electronic Trade Documents Act is the most important law you have never heard of

On 20th September, the Electronic Trade Documents Act came into force. I have written here before about why the Electronic Trade Documents Bill was one of the most important bills you had never heard of: “Not only will this bill make trade faster, cheaper, and greener, it is an English law model of how to legislate for technology through specific ...

26 September 2023 /regulation

Consumer Duty: It's just the beginning of the process

Níamh Curran Senior Reporter at Finextra

Consumer Duty: It's just the beginning of the process

Consumer Duty finally came into full force this week, with the FCA publishing a 14-point plan to boost cash savings interest rates. The aims of Consumer Duty are clear: a higher standard for customer protection across financial services. The FCA laid out that customers should expect: helpful and accessible customer support, so it's as easy to sor...

02 August 2023 /regulation

Industry calls for clarity on the PSR’s APP fraud proposals

Paige McNamee Senior Reporter at Finextra

Industry calls for clarity on the PSR’s APP fraud proposals

The UK is grappling with the notoriously complex challenge of reducing Authorised Push Payment (APP) fraud, where a scammer tricks someone into sending a payment to an account outside of their control. These insidious scams drained £485.2 million from UK individuals and businesses during 2022 alone . UK Finance’s Annual Fraud report for 2023 foun...

26 July 2023 /regulation

Generative AI: Why data protection needs to be emphasised

Pilar Arzuaga Senior Associate at MWE

Generative AI: Why data protection needs to be emphasised

In recent years, the financial services sector has witnessed a significant technological revolution. Both fintechs and traditional financial institutions are shifting their focus from using artificial intelligence (AI) primarily for cost reduction to leveraging its capabilities for revenue generation. However, they adopt distinct AI strategies to ...

18 July 2023 /regulation

Chris Holmes Peer at House of Lords

How will AI be regulated in the UK?

AI is impacting all sectors across financial services - capital markets, investment and retail banking; you name it, it’s algorithm-ed it. If you are seeking out a financial product, mortgage or de-materialized instrument, AI is likely in the mix. Last year NVIDIA reported over 75% of companies employing at least one of the traditional AI use cases...

12 July 2023 /regulation

How banks can prepare for the ever-growing risk of litigation

Tom Webley Partner at Reed Smith

How banks can prepare for the ever-growing risk of litigation

Given the recent high-profile bank collapses and restructurings, it is logical to consider the similarities between the current situation and 2008, and if recent events will lead to industry-wide litigation to the same extent that we saw previously. As a starting point, we should remind ourselves what happened in 2008. On one level, the Global Fina...

04 July 2023 /regulation

Consumer Duty: the importance of trust in the age of customer empowerment

Aalekh Bhatt GTM lead - Digital Marketing, UK Banking at Capgemini

Consumer Duty: the importance of trust in the age of customer empowerment

This article was co-written by Chandramouli Venkatesan, vice president, Digital Transformation, and Aalekh Bhatt GTM lead – Digital Marketing, Banking and Capital Markets UK at Capgemini. The entire world is currently attempting to manage financial downturn, and the UK has not been left untouched by this upheaval. The International Monetary Fund p...

03 July 2023 /regulation

The Financial Services and Markets Bill reaches final stages

Chris Holmes Peer at House of Lords

The Financial Services and Markets Bill reaches final stages

The Financial Services and Markets Bill could be described as epic – in terms of proportions (346 pages), in terms of impact (biggest shake up of financial services in a generation), and in terms of the time it is taking to make its way through all parliamentary stages. The Bill was introduced in the Queen’s speech in May 2022 and given first rea...

28 June 2023 /regulation

Suptech, APIs, and the future of innovation in risk management

Sehrish Alikhan Reporter at Finextra

Suptech, APIs, and the future of innovation in risk management

This is an excerpt from The Future of Risk Management and Compliance 2023 report. Suptech will reduce threats with data analytics Financial supervisor technology (suptech) uses innovative technology to digitise regulatory strategies and curate a more risk-based approach to financial supervision. Currently, suptech is implemented through data analy...

27 June 2023 /regulation

How to prepare for the new European legislative landscape

Madhvi Mavadiya Head of Content at Finextra

How to prepare for the new European legislative landscape

Geopolitical uncertainties and macroeconomic challenges have resulted in increased innovation that have ensured that RTGS and Faster Payments rails are superseded by instant payments and paved the way for ISO20022. This could not have been possible without legislation and support from regulators. October 2022 saw the European Commission announce a...

21 June 2023 /regulation

AI and machine learning will dominate new solutions

Sehrish Alikhan Reporter at Finextra

AI and machine learning will dominate new solutions

This is an excerpt from The Future of Risk Management and Compliance 2023 report. Innovation and preservation In the era of digital transformation, there are an endless number of innovations taking place for risk management among all levels of financial institutions. Lurking in the shadowy corners of cyberspace, new threats arise for increasingly d...

15 June 2023 /regulation

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

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