Consumer Duty comes into force in biggest regulatory shake-up for a decade July 31, 2023 The City watchdog’s flagship new regulation, the Consumer Duty, comes into force today with experts describing it as the most important regulatory change in a decade. The new principle aims to ensure firms deliver good outcomes for consumers on the quality and price of products and services, and make sure a higher standard of consumer [...]
Financial services tribunal can boost competitiveness and help small businesses, experts argue July 30, 2023 A financial services tribunal could boost the City’s competitiveness by providing a body of consistent case law and a route for firms to seek justice, experts told City AM. Speaking to City A.M. Richard Samuel, barrister at 3 Hare Court Chambers, said “London’s common law dispute resolution system is a key part of what makes [...]
Government looks to scrap EU short selling rules in post-Brexit deregulation drive July 11, 2023 The government is looking to ditch EU-era short selling rules and will scrap a requirement for individual investors to reveal their bets against companies as part of a post-Brexit push to scrap red tape in the City.
Regulators should measure ‘burden’ of decisions after legislative overhaul, industry says July 5, 2023 Finance groups have called for regulators to report on a new range of metrics to ensure they are meeting their statutory obligations. After the Financial Services and Markets Bill passed into law last week, regulators will have hugely increased responsibility for adapting and amending onshored EU regulations. As part of the Bill, regulators will have [...]
As the Financial Services and Markets Act becomes law – here are the 5 things you need to know June 30, 2023 The Financial Services and Markets Bill received royal assent yesterday, securing the passage into law of the government’s landmark overhaul of financial services regulation. The government claims the reforms enable the UK to capitalise on ‘Brexit freedoms’, unlocking billions of pounds which could be directed to investment in the UK. In short, the act empowers [...]
‘Get the companies under control!’: Microsoft president tells UK to get AI safety in order June 28, 2023 Microsoft president Brad Smith has reiterated that the UK needs to prioritise AI safety in its quest to become a global leader in new technologies. “Let’s get the companies under control”, Smith said, speaking at a packed Chatham House event on Wednesday afternoon, where he argued that a licensing regime is necessary on both a [...]
European resolution authority calls for greater ‘firepower’ as watchdogs around the world consider reform June 25, 2023 An influential European banking regulator has called for more powers to help it address risks in the system revealed after the collapse of Silicon Valley Bank (SVB) and Credit Suisse earlier this year. Speaking to the Financial Times, Dominique Laboureix, chair of the European Union’s Single Resolution Board (SRB), said European authorities needed to return [...]
Shadow banks need ‘increased resilience’ to avoid financial stability concerns, Bank of England warns June 21, 2023 The Bank of England’s Lee Foulger warned there needed to be “increased levels of resilience” in the shadow bank space to avoid risks to financial stability. With increased regulation of the traditional financial sector since the financial crisis, Foulger, a director, financial stability, strategy and risk. said “it is no surprise that over that time [...]
UK must balance innovation with safety to help firms adopt AI, tech bosses say June 19, 2023 The UK must not let safety concerns about the use of artificial intelligence (AI) fall by the wayside as it pushes for a pro-innovation model for regulating the technology, tech bosses have warned. Chancellor Jeremy Hunt has reportedly told ministers to speed up the adoption of AI across the private and public sector, including the [...]
UK businesses face regulatory minefield as EU votes in new Artificial Intelligence Act June 18, 2023 UK businesses must brace themselves to adhere to new EU artificial intelligence (AI) standards if they plan to trade in the bloc, lawyers and industry experts have said. It comes as members of the European Parliament voted overwhelmingly last week to adopt the Artificial Intelligence Act, which aims to encourage “human-centric and trustworthy” AI. Tamara [...]