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On 13 October 2023, the UK FCA published its Final Notice to Equifax Ltd, the UK subsidiary of US company Equifax Inc, in relation to a major 2017 data breach which affected over 13.7 million UK consumers. The FCA determined that Equifax Ltd had breached Principles 3, 6 and 7 of its Principles and imposed a fine of over £11m. The firm agreed to resolve the matter and so qualified for a 30% discount for early settlement. The FCA's Final Notice helps to explain the rationale behind the UK regulatory authorities developing and enhancing the operational resilience regime in 2019. It also highlights some particular pitfalls in managing intra-group outsourcings effectively. Read more
Yesterday European Commission President von der Leyen presented the 2023 State of the Union address which, as anticipated, included a focus on prioritising the responsible use of artificial intelligence. This is set against the global policy discussions around AI at G7 and G20 last week, the impending UK Artificial Intelligence Safety Summit and publication of … Read more
AI booms – whilst regulation looms Peggy Chow, Kaman Tsoi, Duc Tran and Claire Wiseman join Aoife Xuereb to discuss the increasing use of AI in consumer sector digital marketing strategies. Analysing customer data to personalise content and target advertising according to purchasing behaviour and demographic information has become commonplace, along with the use of tools such as chatbots to automate customer … Read more
This article first appeared in The Banker and is re-published here with its permission. A recent UK Treasury Committee report on crypto assets regulation has reignited the debate over crypto. Contrary to government proposals in February to regulate the crypto industry as a financial service, the cross-party group controversially recommended regulating retail trading and investment … Read more
In this instalment of our series The IP in AI, we take a look at the extent to which copyright and other rights currently provide protection for output generated by AI systems, including how concepts of ‘authorship’ and ‘originality’ may need to be adapted to meet the rapid growth of generative AI. Read the full … Read more
Regulators around the world are focused on the operational resilience of financial institutions, financial market infrastructures (FMIs) and the financial system as a whole. One area of significant risk to the financial system is the dependency of financial institutions on critical third parties (CTPs), particularly in relation to the cloud and other information and communication … Read more
On 7 February, the Bank of England (the Bank) and His Majesty’s Treasury (HM Treasury) jointly published a Consultation Paper on the development of a Central Bank Digital Currency (CBDC) for the UK (or a digital pound). The three key take aways in respect of a likely digital pound are: No final decision has been made on whether there will … Read more
On 3 November 2022 the CMA published guidance for social media platforms, brands and content creators setting out how they should approach online advertising in order to ensure they comply with the relevant UK consumer protection legislation. Social media platforms have a duty to prevent and address unlawful practices such as hidden advertising that are … Read more
UK – CONTENT AND AUDIOVISUAL MEDIA The future of public service broadcasting has been a growing subject of discussion in recent years, particularly in relation to how broadcasters can compete in a competitive digital media environment. In November 2022, the House of Lords debated this issue, following the UK government’s white paper published by the … Read more
