Related insights: Financial Services Regulation
Equifax: a lesson in intra group controls
20 Oct 2023
Back in 2017, significant UK customer data that Equifax Ltd held on the servers of its US parent, and for which it acted as a data controller, was compromised in a cybersecurity incident. FCA took the unprecedented step of announcing at the time that it would be carrying out an investigation. Almost exactly six years later, it published its final notice on the matter – imposing a fine of over £11 million.
Womble Bond Dickinson strengthens financial services team with key appointment
06 Oct 2023
International law firm Womble Bond Dickinson (WBD) has strengthened its financial services regulation team with the appointment of partner Michael Lewis who joins the firm's London office.
Where next for the Consumer Duty?
04 Oct 2023
Finally, 31 July 2023 arrived and FCA's Consumer Duty rules for current products and services took effect. The Consumer Duty has been a long time in the making, and expectations on firms during the implementation period have been high. Firms have had to do so much in the past year that some may be tempted to take their collective feet off the gas, but there's no time to relax. The next stage has started, which will involve FCA looking at all interactions with retail customers through a Consumer Duty lens. The proof of whether firms have got compliance right will be both in the results of their own monitoring and follow-up actions, and in FCA's messages to the industry generally and to specific firms who catch their attention.
PayPal launches stablecoin – what will this mean for the ongoing regulation and adoption of cryptocurrency?
23 Aug 2023
In spite of a tumultuous regulatory landscape for crypto-assets in the United States, PayPal has announced it is launching a stablecoin, PayPal USD, becoming the first global payment service provider to do so. The Ethereum-based token will become available to users in the US in the coming months, allowing users to transact between fiat and digital currencies, and connect to a range of wallets and Web3 apps.
Consumer Duty: now to test your compliance
31 Jul 2023
31 July 2023 sees the implementation date for all of the FCA's Consumer Duty rules for current products and services. Firms may feel they've been preparing for this day for years, but there's no time to relax. FCA will look at all interactions with retail customers through a Consumer Duty lens, and firms will be anxious to see how their carefully planned programmes measure up to regulatory expectation.
The Supreme Court hands down its judgment in Philipp v Barclays Bank UK PLC [2023] UKSC 25
13 Jul 2023
It's out! The Supreme Court has handed down its keenly awaited judgment on whether banks owe a Quincecare duty not to carry out a customer's instructions in cases of suspected fraud. Our previous article on this case can be found here. The Supreme Court has unanimously overturned the Court of Appeal's ruling and has stated that a bank's Quincecare duty is not extended in cases where a customer themselves has authorised a transfer, even if the customer was unaware that a fraud was being perpetrated upon them.
The Financial Services and Markets Bill
04 Jul 2023
The Financial Services and Markets Bill received Royal Assent on 29 June. To see how it progressed through Parliament, please see our FIN. insights below.
The Edinburgh Reforms: six months on
23 Jun 2023
It's now just over six months since the Chancellor announced a package of measures to take forward the Government's picture of an "open, sustainable and technologically advanced" financial services sector, and which would build on the reforms proposed in the Financial Services and Markets Bill (FSM Bill). So where are we now? We have a Bill that isn't yet law, and many discussion and consultation papers waiting on responses and/or for regulators to have the powers they need to deliver the planned changes. Emma Radmore of Womble Bond Dickinson looks at what's happened since the reforms were announced.
Crypto-regulation in the UK: what next?
04 May 2023
After years of anticipation, the Financial Services and Markets Bill (when it finally achieves Royal Assent), underpinned by the regulatory priorities announced by the Government as part of the Edinburgh Reforms, will finally create the detail for how the UK will regulate those who issue, trade and distribute crypto-assets.
How the FTX debacle triggered a wave of crypto fraud
05 Apr 2023
Fraudsters are treating the implosion of the crypto exchange and the declining value of several popular cryptocurrencies as a chance to target a whole new set of potential victims.
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