We are delighted to share our global FSR Outlook 2024: Finding solid ground as the bedrock shiftsIn 2024, the character of change facing the financial industry is more foundational - or fundamental - in nature than ever before. From ESG to AI, the shape of the world we live in is changing in a radical way. This year, we chart the paths through the shifting landscape for financial services businesses seeking solid ground. Read more

We have lift-off! FCA publishes final rules on UK sustainability disclosure requirements and investment labels

More than two years after it published a Discussion Paper on the UK's sustainability disclosure standards and investment labels (summarised here), the FCA has now published a Policy Statement setting out its final rules. Following the high-level structure set out in last year's Consultation Paper (summarised here), the regime comprises investment labels, consumer-facing disclosures, detailed product-level and entity-level disclosures, naming and marketing rules and a general anti-greenwashing rule. Read more

FCA publishes anti-greenwashing rule (and other measures)

The FCA published today its long-awaited Policy Statement on SDR (PS23/16 "Sustainability Disclosure Requirements (SDR) and investment labels"). This is over a year following the consultation in October 2022. The SDR Policy Statement is accompanied by a Guidance Consultation, GC23/2 "Guidance on the Anti-Greenwashing rule", which follows feedback from the industry for further guidance on the expectation on firms in respect of the anti-greenwashing rule. The FCA is consulting on the Guidance and the consultation closes on 26 January 2024. Read more

APP Fraud: Prevention is surely better than paying out

Among the UK regulators' recent output relevant to Authorised Push Payment (APP) fraud, two items warrant particular consideration: Read more

Herbert Smith Freehills publishes Global Bank Review 2023: Trust Matters

Perhaps the most striking thing about the world of finance a decade and a half since the banking crisis is that the industry has not quite managed to regain the allure and self-confidence of earlier times. Certainly, this is a time in which trust – that most precious commodity in banking – is hard to earn and retain. This year's Global Bank Review: Trust Matters explores trust on many fronts. Read more

Attention all auditors, again – HKMA and AFRC enter into new Memorandum of Understanding to strengthen collaboration

Earlier this year, we reported on the introduction of the first joint statement between the Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) (please see our July 2023 bulletin). More recently, the AFRC entered into a new Memorandum of Understanding (MoU) with the Hong Kong Monetary Authority (HKMA) to strengthen co-operation between the … Read more

Financial Stability Board: final recommendations for the regulation of cryptoasset activities and markets

This week, the FSB (Financial Stability Board) published its final set of recommendations for regulating cryptoassets and related services. The recommendations follow on from the FSB’s previous public consultation. The guidelines are designed to provide a common base for international regulatory coverage of an otherwise borderless technology and product in respect of which regulatory development … Read more

The UK Supreme Court’s judgment in Philipp v Barclays: key takeaways for financial institutions executing customer payments

The UK Supreme Court has handed down its seminal judgment in Philipp v Barclays Bank UK plc [2023] UKSC 25, considering the application of the so-called Quincecare duty to the victim of an “authorised push payment” (APP) fraud. In an APP fraud, the victim is induced by fraudulent means to deliberately authorise their bank to send a payment to a bank account controlled by the fraudster. Read more