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AI – the regulatory challenge

Online Published Date : 12 October 2020 | Appeared in issue: Vol 33 No 2 - 01 October 2020

Financial services Artificial Intelligencetechnology is developing apace, as regulators juggle the desire to fosterinnovation and competitiveness, alongside the need to protect consumers andmarket integrity. Compliance teams should recruit AI specialists as well asthoroughly understand the complex issues and risks, reports Neasa MacErlean.

Embedding fair treatment of vulnerable customers

Online Published Date : 12 October 2020 | Appeared in issue: Vol 33 No 2 - 01 October 2020

In a more paternalistic regulatory climate, where large numbers of consumers qualify as vulnerable, the Financial Conduct Authority’s recent guidance consultation goes into more detail on the issue than ever. “The more one talks about vulnerability, the greater is the likelihood of the situation improving,” says Adam Samuel.

FCA and the ‘new normal’

Online Published Date : 12 October 2020 | Appeared in issue: Vol 33 No 2 - 01 October 2020

As the Financial Conduct Authority strives tosupport consumers and firms through a global pandemic, while economic falloutand Brexit loom in near view, perhaps the only certainty is uncertainty. EmmaRadmore explores what the new regulatory normal might look like, and wherethe FCA might hope to be by the end of 2020.

Cloud cover – EIOPA Guidelines on Cloud Outsourcing

Online Published Date : 12 October 2020 | Appeared in issue: Vol 33 No 2 - 01 October 2020

New European rules on cloud outsourcing byinsurance undertakings, along with the UK’s imminent final withdrawal from theEU, raise concerns about fragmentation of regulatory standards. Charlotte Hill and Clare Reynolds examine the requirements under the EIOPA CloudGuidelines and the impact they will have on insurance undertakings’ use ofcloud.

Number of FCA fines against individuals slumps

Online Published Date : 12 October 2020 | Appeared in issue: Vol 33 No 2 - 01 October 2020

The coronavirus pandemic looks set to have a marked effect on FCA enforcement statistics, with just four financial penalties imposed so far this year and the likelihood of future cases stemming from the crisis. Meantime, the latest data in the regulator’s annual report shows there were fewer new cases launched in the past financial year, as well as a decline in the number of fines against individuals, writes Esther Martin.

SRA suspends lawyer for AML failings

Online Published Date : 12 October 2020 | Appeared in issue: Vol 33 No 2 - 01 October 2020

A lawyer’s egregious disregard for anti-moneylaundering requirements has led to a nine-month suspension, restrictions on herpractising certificate and a contribution to legal costs. But relatively fewlaw firms receive an on-site AML review from their regulator, reports Denis O’Connor.