We are delighted to share our global FSR Outlook 2024: Finding solid ground as the bedrock shifts. In 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
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
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
Among the UK regulators' recent output relevant to Authorised Push Payment (APP) fraud, two items warrant particular consideration:
- The PSR's publication of the first set of APP fraud performance data. This data includes percentages of reported APP fraud losses refunded by value and by volume, broken down by Payment Services Provider, as well as value and volume of APP fraud sent per £ million of transactions.
- The FCA's review of firms' fraud controls and complaints handling with a particular focus on APP fraud.
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
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
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 has handed down its seminal judgment in Philipp v Barclays Bank UK plc  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