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.
FCA
Posted inRegulatory Enforcement
U.K. regulator forces third FS firm to pay $42M for financial crime failures related to wealth management company collapse
The U.K. banking regulator has censured asset servicing bank CACEIS UK for failing to operate adequate financial crime controls. The bank agreed to pay $41.9 million in compensation to clients.
Posted inCryptocurrency and Digital Assets
Experts weigh up challenges for firms, FCA under U.K. plan to regulate crypto
The U.K. has set itself a path to regulate crypto from the end of next year that is different to the rest of Europe. While the EU has created sector-specific rules for the industry under the Markets in Crypto Assets Regulation, the U.K. will instead make crypto firms subject to the same rules as every other financial services provider.
Posted inWhistleblowers
Why do whistleblower programs fail? Experts give their views
Compliance professionals recognize the importance of whistleblowing and the positive impact it can have on corporate governance and maintaining ethical business practices. But they are also aware that in many organizations, speak-up mechanisms do not work effectively, are sidelined, or are simply distrusted.
Posted inCryptocurrency and Digital Assets
U.K. sets out parameters of crypto regulation in guidance consultation
Crypto firms are set to be regulated by the United Kingdom’s key financial watchdog from late 2027, but the rules around how it will do so are still being ironed out.
Posted inFinancial Services
Convicted trader’s $16M case against Deutsche Bank hinges on compliance training, culture and leadership
A former Deutsche Bank trader convicted of wire fraud in the U.S. is suing the bank for $16.2 million for training him to break the rules. James Vorley, who worked in DB’s London office, claims senior managers at the bank instructed him to use a trading strategy that resulted in his prosecution.
Posted inRegulatory Enforcement
FCA sets sights on digital payment competition as it opens investigation into PayPal, Visa, and Mastercard
The U.K. financial regulator is investigating PayPal, Visa, and Mastercard for suspected anti-competitive practices in the “funding and usage” of PayPal’s digital wallet.
Posted inAccounting & Auditing
Control failures cost U.K. financial firms over $1.35B in five years – and the compliance risks are rising
The U.K.’s financial regulator has issued over £1 billion ($1.35 billion) of fines for regulated firms’ basic internal control failures in the past five years. This accounted for more than half of the total fines issued to financial services firms in the period.
Posted inFinancial Services
U.K. slashes FS rules, seeks closer EU regulation ties to boost growth
The U.K. government has announced a raft of legislation that will drastically cut compliance requirements in the financial services sector, as well as aim to bring the United Kingdom more in line with the EU to simplify customs regulations and boost trade.
Posted inThird Party Risk
U.K. financial firms urged to prepare for operational and third-party incident reporting changes
Financial services firms in the U.K. must prepare now for new reporting rules aimed to promote operational resilience in the face of increasing global threats.