As the FCA identifies a culture dividend from diversity and inclusion, firms should prepare for more scrutiny

In the wake of the 2007/08 financial crisis, Neelie Kroes, EU Competition Commissioner, pithily summarised diversity and inclusion (D&I) shortcomings in the financial services industry with reference to a mythical ‘Lehman Sisters’ which, she said, would have weathered the storm better than the real Lehman Brothers.

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Regulation in Focus Podcast Episode 4 – March 2021

The FCA’s recently released guidance on protecting vulnerable customers is the subject of our latest podcast. It features Karen Anderson, Cat Dankos and Ben Goodman from our contentious financial services regulatory practice in London, discussing how the guidance will further the FCA’s aim of ensuring that vulnerable consumers experience outcomes as good as other consumers and receive consistently fair treatment across all FCA regulated firms and sectors.

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LIBOR Discontinuation: FCA non-representativeness announcement

The FCA today made its much anticipated announcement that all LIBOR settings will either cease to be provided by any administrator or will no longer be representative:

  • immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and
  • immediately after 30 June 2023, in the case of the remaining US dollar settings.

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HM Treasury consultation on IFPR implementation and Basel 3 standards

HM Treasury has published a consultation paper seeking views on the exercise of its delegated powers under the Financial Services Bill (FS Bill) to ensure the effective implementation of the Investment Firm Prudential Regime (IFPR) and outstanding Basel 3 standards. The consultation also seeks views on the scope of application of the resolution regime for FCA-regulated investment firms. Continue reading