Commissioner Hester Peirce had raised concerns about the rule and views the U.S.’s pullback on ESG regulations as a competitive edge over other countries.
Financial Services
Posted inAML
Most FS firms expect to miss EU AML deadline amid data and due diligence challenges
Two-thirds of financial services firms will not be able to meet the requirements of the EU anti-money laundering package when it comes into force in July 2027.
Posted inFinance
Lloyds IT glitch: Key lessons for compliance
IT outages seem to be increasingly prevalent in the financial services sector, despite a firmer focus on technical resilience by regulators both in the United Kingdom (U.K.) and the European Union (EU). A recent tech glitch that hit a major U.K. bank should compel compliance teams in the sector to review their IT security and incident reporting at the very least, say experts.
Posted inFinance
U.K. Targeted Support narrows advice-guidance gap, raises compliance stakes
The U.K.’s Targeted Support Scheme, intended to provide millions of people with a newly created category of affordable regulated financial advice, went live on April 1. The U.K. government billed the scheme as a “once in a generation” change that will help millions to navigate their financial lives more effectively.
Posted inCryptocurrency and Digital Assets
FCA joins police, HMRC to carry out first crackdown on illegal crypto trading
The U.K.’s financial services regulator has raided eight addresses in London as part of an operation working with police and tax authorities to disrupt illicit crypto activity and prevent possible financial crime risks.
Posted inArtificial Intelligence
U.K. joins global trend for AI-enabled regulatory supervision
The U.K. financial regulator is expanding its remit and planning to deploy AI to manage its increased workload. This is part of a global trend and has significant compliance implications.
Posted inRegulatory Policy
U.K. banking regulator focuses on accountability, governance and data while relaxing reporting cycles
The U.K. banking regulator is shifting its focus to rigorously monitoring outcomes, rather than adding rules, and this is driving investment in oversight functions.
Posted inBanking
FCA sets out plans for industry to compensate 12.1 million for car finance scandal
Over 12 million customers are eligible for compensation after being ripped off by car finance firms that racked up fees by arranging inflated interest rates for loan repayments and denied people the chance to seek better deals.
Posted inCryptocurrency and Digital Assets
Crypto rules may diverge across jurisdictions, but EU’s MiCA likely to prove most attractive
One of the most common ways for a jurisdiction to attract the attention—and investment—of a particular industry is to offer them a regulatory regime that is different and provides enough scope for players in the sector to leverage opportunities for growth.
Posted inUnited Kingdom
U.K. financial regulator and Ombudsman set out modernization plan for consumer redress
Changes to the U.K.’s Financial Ombudsman Service, which enables consumers to pursue financial services firms for compensation for unfair treatment, will place greater weight on firms’ compliance. The changes have been prompted in part by the scandal surrounding poor-value car loans provided via dealers.
