Related insights: Financial Institutions
Deep dive into FCA enforcement proposals
18 Apr 2024
At the end of February 2024, the FCA published a consultation paper proposing significant changes to its approach to publicising enforcement investigations. Up to now, publicly available information on ongoing investigations is minimal. Usually, the public would know about an investigation only when the FCA publishes the Final Notice relating to it, or sometimes, where appropriate, a Warning or Decision Notice. Now, in the interests of transparency, the FCA proposes proactively to publish more information about its enforcement investigations including their opening and progress as well as the identity of the subject of the investigation. Crucially, this means the public will know that some firms are under investigation well before the FCA decides whether the firm in question has in fact breached any rules. Would this transparency come at too much of a cost to regulated firms?
In this article, written for Compliance Monitor, Michael Lewis and Emma Radmore of Womble Bond Dickinson look at the drivers, the proposals, the safeguards and the possible consequences.
In this article, written for Compliance Monitor, Michael Lewis and Emma Radmore of Womble Bond Dickinson look at the drivers, the proposals, the safeguards and the possible consequences.
Seeking individuals as investors? Regulatory conditions change again
28 Mar 2024
Womble Bond Dickinson reported in January that the long-overdue update to the conditions under which companies seeking funding could approach individuals without the need to have any promotional communications approved by a financially regulated firm. These changes, which took effect on 31 January, have proved very short-lived, and new limits now apply from 27 March 2024.
AI in financial services: gathering speed
12 Mar 2024
The use of artificial intelligence (AI) is not new for UK financial services firms. It is already modernising the banking, insurance and payments sectors, who use it to enhance customer service, personalise insurance cover and detect suspicious payment transactions. The regulators themselves are also hopping on the bandwagon – the UK's Financial Conduct Authority (FCA) announced last year that it is using AI-based models to help tackle fraud. But despite some tangible benefits, the financial services industry is still exercising caution when it comes to AI.
Womble Bond Dickinson experts share their views on Spring Budget at North East Chamber of Commerce event
06 Mar 2024
On 6 March 2024, Womble Bond Dickinson (WBD) experts shared their thoughts following the Chancellor's Spring Budget announcement, at the North East Chamber of Commerce's event.
Living with the Consumer Duty
04 Mar 2024
When the FCA talks about the Consumer Duty, it seems that its favourite phrase is "not once and done". By which it means that regulated firms can't sit back and rest, basking in the satisfaction of having implemented the Duty. For some firms, there's still more to be done to ensure full implementation, and for all firms staying compliant is an ongoing exercise that they must build into everything they do that could have an impact on consumers.
Seeking investment from individuals? Changes to financial promotion exemptions
29 Jan 2024
Regulated and unregulated firms who promote investment opportunities to individuals must check they comply with new thresholds and requirements coming into effect on 31 January. Anyone who continues to rely on the old thresholds won't be able to benefit from the exemption and may commit a criminal offence.
Financial crime prevention: 2023 paves the way for a busy 2024
21 Dec 2023
We've been providing end of year regulatory round ups for quite a few years now, and it would be safe to say there's never been a quiet year. But 2023 may just have surpassed all others! We've seen two important laws come onto the statute book, setting new requirements and giving new powers to regulators, which set the foundations for 2024 implementation. We've seen the usual enforcement actions – in fact, all but one of the fines FCA has imposed on regulated firms have been for financial crime failings – and we've had a clear message from FCA that financial crime prevention is one of its super-charged priorities for the next year.
2023 foreign direct investment year end update: continued expansion of FDI regulations
20 Dec 2023
As previously reported, regulations and restrictions on foreign direct investment (FDI) have expanded quickly in the United States and in many of its trading partner countries around the world. FDI has been further complicated in the U.S. by the passage of individual state laws – often focused the acquisition of “agricultural land,” and in Europe by the passage of screening regimes by the individual Member States of the European Union (E.U.).
What's next for financial regulation? Hot topics to watch in 2024
18 Dec 2023
2023 has been a year of real change for the UK financial services sector. As the days get shorter and another year draws to a close, it's time to look ahead to what might be in store for the next 12 months. Womble Bond Dickinson explores the regulatory hot topics to keep an eye on in 2024.
How could AI in financial institutions impact the push for diversity and inclusion?
14 Dec 2023
Consultations on wide-spread proposals to boost diversity and inclusion in regulated firms led by the FCA and PRA are currently open until 18 December with a view to finalising new requirements in the new year.
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