As the Financial Services and Markets Act becomes law – here are the 5 things you need to know June 30, 2023 The Financial Services and Markets Bill received royal assent yesterday, securing the passage into law of the government’s landmark overhaul of financial services regulation. The government claims the reforms enable the UK to capitalise on ‘Brexit freedoms’, unlocking billions of pounds which could be directed to investment in the UK. In short, the act empowers [...]
‘Get the companies under control!’: Microsoft president tells UK to get AI safety in order June 28, 2023 Microsoft president Brad Smith has reiterated that the UK needs to prioritise AI safety in its quest to become a global leader in new technologies. “Let’s get the companies under control”, Smith said, speaking at a packed Chatham House event on Wednesday afternoon, where he argued that a licensing regime is necessary on both a [...]
European resolution authority calls for greater ‘firepower’ as watchdogs around the world consider reform June 25, 2023 An influential European banking regulator has called for more powers to help it address risks in the system revealed after the collapse of Silicon Valley Bank (SVB) and Credit Suisse earlier this year. Speaking to the Financial Times, Dominique Laboureix, chair of the European Union’s Single Resolution Board (SRB), said European authorities needed to return [...]
Shadow banks need ‘increased resilience’ to avoid financial stability concerns, Bank of England warns June 21, 2023 The Bank of England’s Lee Foulger warned there needed to be “increased levels of resilience” in the shadow bank space to avoid risks to financial stability. With increased regulation of the traditional financial sector since the financial crisis, Foulger, a director, financial stability, strategy and risk. said “it is no surprise that over that time [...]
UK must balance innovation with safety to help firms adopt AI, tech bosses say June 19, 2023 The UK must not let safety concerns about the use of artificial intelligence (AI) fall by the wayside as it pushes for a pro-innovation model for regulating the technology, tech bosses have warned. Chancellor Jeremy Hunt has reportedly told ministers to speed up the adoption of AI across the private and public sector, including the [...]
UK businesses face regulatory minefield as EU votes in new Artificial Intelligence Act June 18, 2023 UK businesses must brace themselves to adhere to new EU artificial intelligence (AI) standards if they plan to trade in the bloc, lawyers and industry experts have said. It comes as members of the European Parliament voted overwhelmingly last week to adopt the Artificial Intelligence Act, which aims to encourage “human-centric and trustworthy” AI. Tamara [...]
Watchdogs in focus as proposed shakeup of financial regulation returns to parliament June 5, 2023 The UK’s financial regulators will be in focus as lawmakers consider a range of proposals to boost the accountability of watchdogs. A range of amendments to the Financial Services and Markets Bill have been put forward, focusing on the scrutiny of regulators as the Bill returns to parliament this week. Regulatory scrutiny has been a [...]
Consumer Duty: High street banks prepare for major regulatory shakeup as clock ticks down May 31, 2023 Banks in the UK have just two months to prepare for the incoming Consumer Duty, with some prominent bankers suggesting the new regulatory standards will prompt widespread changes in the industry. The Financial Conduct Authority’s (FCA) flagship Consumer Duty, which will come into effect on 31 July, requires firms to deliver good outcomes for retail [...]
Proposals to relax rules for small banks in UK a ‘game-changer’ despite US regional banking crisis May 30, 2023 Experts were quick to praise proposals to relax rules on smaller domestic banks as the consultation on the so-called ‘strong and simple regime’ came to an end today. The proposals include simplifying disclosure and liquidity rules for domestically focused banks with less than £15bn in assets.. The rules, the Prudential Regulation Authority (PRA) said, aim [...]
Plans to boost scrutiny of regulators don’t go far enough, experts argue May 24, 2023 New plans to boost oversight of financial regulators have been criticised by experts, as the government responds to concerns that watchdogs face too little scrutiny. Earlier this week, the it was reported that the Treasury is planning to beef up the Financial Regulators Complaints Commissioner (FRCC) in order to more robustly hold regulators to account. [...]