The European Central Bank has written to the CEOs of Europe’s top banks to ask what plans they have in place to deal with potential AI-related cybersecurity threats.
Neil Hodge
Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal issues for a wide range of publications in the United Kingdom and United States.
Posted inFinancial Services
Streamlined reporting rules will save U.K. financial services industry $145.3 million per year, says FCA
The U.K.’s financial regulator has simplified the requirements around transaction reporting—which helps detect market abuse and other financial crimes—as part of a drive to cut “duplicative or low-value reporting.”
Posted inFinancial Services
Review into EU fund managers highlights compliance, internal audit ‘vulnerabilities’
Feedback from regulators across the EU has found that some fund managers’ compliance and internal audit functions could be sidelined, under-resourced, and lack independence.
Posted inInsurance
Former Lloyd’s CEO breached code of conduct
The former CEO of Lloyd’s of London breached the insurance market’s compliance rules after his relationship with a fellow director was deemed to be so close that it created “a perceived conflict of interest.”
Posted inSanctions
FCA calls out good and poor practices in sanctions reporting
Financial firms have made progress in preventing sanctions breaches, but serious gaps in governance and compliance remain, which are likely to result in keener regulatory scrutiny and potentially more penalties in the future, say experts.
Posted inRegulatory Policy
U.K. waters down final crypto rules after industry feedback
The U.K.’s financial watchdog has watered down some of the key compliance requirements for crypto firms as it released its first full set of rules for the industry to follow.
Posted inRegulatory Policy
U.K. set to ramp up consumer protection against price gouging
Companies risk finding that commercially sensitive information about their pricing strategies could be made public if competition authorities and other regulators believe they have unduly hiked prices to take advantage of a spike in customer demand due to a crisis.
Posted inData Privacy
GDPR 10 years on: Differences in regulatory enforcement still problematic
In the decade since the EU’s groundbreaking privacy legislation, the GDPR was approved, companies have faced increased scrutiny over the reasons they collect, retain, and share personal information, as well as the measures they take to ensure its security.
Posted inArtificial Intelligence
Companies risk violating data, consumer laws over agentic AI use
Companies are at increased risk of violating Europe’s tough privacy laws because boards have little awareness of the different types of AI or their inherent risks. While many organizations are more familiar with predictive and conversational AI tools, such as chatbots that carry little or no discernible risk, they have not grasped that generative AI—and especially agentic AI—are different animals.
Posted inArtificial Intelligence
No new rules as U.K. financial services sector champions AI
There are no new rules on the horizon as U.K. financial services firms embrace “AI-enabled, continuous and delegated services,” but a report warns that the technology could reshape the sector by 2030 in terms of how firms operate, consumers make decisions, markets compete, and risks emerge.