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Regulatory creep: critical third parties in scope
On top of the operational resilience rules for financial institutions that are about to go live, the regulators have introduced a new regime for external service providers that are relied on for essential functioning of the sector. Emma Radmore and Sheilah Mackie examine what's now in place and what may be yet to come.
Online Published Date:
01 March 2025
Appeared in issue:
Vol 37 No 6 - 01 March 2025
'Threading a fine needle' between AI benefits and risks
While both financial services firms and regulators can gain considerable efficiencies from artificial intelligence, there are serious questions around accountability for the technology's decision-making, how to maintain oversight as it self-evolves, along with systemic risks. Claude Brown explores the issues.
Online Published Date:
01 March 2025
Appeared in issue:
Vol 37 No 6 - 01 March 2025
Ins and outs of ICOBS
Though it collates a crucial body of rules that affect all of our lives, this meandering and neglected tome is greatly in need of revision. Adam Samuel guides a tour through the Insurance Conduct of Business Sourcebook.
Online Published Date:
01 March 2025
Appeared in issue:
Vol 37 No 6 - 01 March 2025
Preparation is key: CASS 15 for payments and e-money firms
With recent insolvencies revealing a 65 per cent shortfall in customer funds being protected, Oliver Hawes summarises new safeguarding rules for the payments sector and suggests how management teams can prepare for the changes.
Online Published Date:
01 March 2025
Appeared in issue:
Vol 37 No 6 - 01 March 2025
Flawed oversight let trader mask losses with fake transactions
Day-to-day reporting, reconciliation and verification processes at Macquarie Bank in London had deficiencies that allowed an employee to record and amend 426 fictitious trades over a 20-month period. Denis O'Connor analyses what went wrong.
Online Published Date:
01 March 2025
Appeared in issue:
Vol 37 No 6 - 01 March 2025
Risky business: FCA combats the rise of finfluencers
There is a worrying disparity between the level of trust placed by younger adults in social media influencers and the often detrimental outcomes of their advice on financial matters. Richard Coopey discusses the problem and a clampdown from the regulator.
Online Published Date:
01 March 2025
Appeared in issue:
Vol 37 No 6 - 01 March 2025
FCA bans two ex-Credit Suisse directors in corrupt Mozambique loans case
The regulator has banned two former Credit Suisse managing directors after reviewing their guilty pleas and subsequent incriminating evidence in the United States but without waiting to hear - as originally planned - the comments of the judge upon sentencing.
Online Published Date:
04 March 2025
Appeared in issue:
Vol 37 No 7 - 01 April 2025
Vulnerable customers fall behind peers in contact with firms, finds FCA research
Customers with challenging personal circumstances are a third more likely to feel negatively after contact with the financial services sector than other members of the population, according to new research from the regulator.
Online Published Date:
07 March 2025
Appeared in issue:
Vol 37 No 7 - 01 April 2025