We are pleased to share our publication on Fintech: Latest UK Legal and Regulatory Trends.
As the UK finally starts to emerge from Brexit, it is seeking to capitalise on its new-found freedom. Covid-19 continues to act as a catalyst for the rapid development of innovative financial solutions. And the UK remains one of the most receptive markets for Fintech – with record levels of
investment and a consumer adoption rate that exceeds the global average. Continue reading
The end of March saw a flurry of activity on operational resilience as the UK regulators published final policy on operational resilience and, for the UK Prudential Regulation Authority (PRA), final rules on outsourcing and third party risk management while the Basel Committee on Banking Supervision (BCBS) issued its new Principles for Operational Resilience and revised Principles for the Sound Management of Operational Risk.
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in FinTech-related regulation which are expected for April 2021.
Operational resilience is the next phase in the evolution of financial services regulatory policy.
Regulators’ expectations are increasing – but it’s an evolution rather than a revolution; firms – more specifically firms’ senior managers – must “join the dots” across a range of practical risk management and governance activities.
To help keep you up to date on the upcoming regulatory expectations, we are pleased to announce the launch of our new #OperationalResilience hub. Continue reading
Operational resilience is the ability to “prevent, adapt, respond to, recover and learn from operational disruptions”.
On 24 February, our cross-practice panel of experts from Hong Kong, Singapore and London will discuss:
- the regulatory expectations, as regulators take steps to bolster operational resilience in financial services;
- the types of severe but plausible disruptive digital events that firms should prepare for, from systems outages to cyber attacks;
- crisis management, including how to deal with ransom demands;
- data implications arising from an operational incident; and
- how to mitigate the impact of disruption, focusing on outsourcing.
On 5 February 2021, the Financial Conduct Authority (FCA) published a report titled ‘Implementing Technology Change’, which sets out findings from its review into how financial services firms manage technology change, the impact of change failures, and industry practices to help reduce the impact of incidents resulting from change management. Continue reading
On 24 September 2020, the European Commission (“EC”) adopted a new Digital Finance Package, which it published together with a communication entitled “A Retail Payments Strategy for the EU” containing specific policy measures needed in relation to payment services given their key role among digital financial services. The European Parliament (“EP”) subsequently adopted a nonbinding resolution on the EC’s Digital Finance Package on 8 October 2020. Continue reading
On 25 October, the Bank of England’s Fintech Director, Tom Mutton, set out the Bank’s approach to fintech during the Covid crisis and beyond in a virtual speech to the 2nd Bund Summit on digital currency, fintech and inclusive finance. Continue reading
Financial services regulators are expecting firms to prevent, respond to, recover and learn from operational disruption. As Christine Lagarde, President of the European Central Bank, has warned, a combined cyber attack on important banks could trigger financial instability.
In this webinar our experts in financial services, cyber and data security, data privacy, outsourcing and digital disruption, together with Deloitte’s Customer Breach Support team, share their experience of operational disruption.