RegTech IntelligenceThe CEO of a major bank admits wrong-doing and pays a fine in the UK, while the NY DFS still mulls the case over. The same day, a different CEO has to tell his shareholders that his bank will pay $1 billion fine for poor practices. Quite a different result for breaking a rule. With
At this year’s RegTech Capital Markets Conference a debate took place on the benefits of using RegTech for trade surveillance in the context of the evolving technical landscape, led by expert industry professionals on compliance and surveillance. Taking into consideration the volume and quality of data firms are expected to monitor, whether the current system
With MiFID II’s implementation date of 3 January 2018 fast approaching, investment firms need to prepare for the changes that will be brought about by the EU’s flagship regulatory policy. All-encompassing in its scope, MiFID II will implement regulatory changes that will impact the trading of all financial instruments. In an attempt to fulfil the
Improving the culture and codes of conduct within financial services firms has been a longstanding issue of contention since the financial crisis. Combatting negative behaviours and inefficient controls has proven difficult to regulate and tackle head on. In 2013, the FSB officially acknowledged business conduct as a new category of business risk and now, in
On 5 July, JWG hosted their RegTech Capital Markets Conference in London, attracting over 150 attendees from top tier banks, buy-side firms, vendors, lawyers and academics from across the industry. A speech from the FCA’s own Nick Cook at the start of the day told of the clear signs of progress being made and reiterated
This month, the House of Commons Committee of Public Accounts released its forty-first report of session 2015-16 which looks at ‘financial services mis-selling: regulation and redress’. The Committee is tasked with ensuring value for money of public spending and generally holds the government and its civil servants to account for the delivery of public services.
On 24 February, the National Audit Office of the UK published the findings of a report carried out by the Comptroller and the Auditor General which looked at financial services mis-selling. The definition of mis-selling is currently “a failure to deliver fair outcomes for customers” and this includes providing customers with misleading information or recommending
This week, the EU commission published the responses to their call for information on the impact of EU regulation so far. The FCA’s response, also published this week, has been similar to other feedback in citing the constraints on both the banks and the real economy of financing themselves, overly complex reporting obligations and spill-over
With the MiFID II delay finally official, implementation teams received the good news that they had been waiting for patiently for months. But now is not the time to rest on their laurels. Completing all of the work required to change technology systems, policies and procedures in line with MiFID II was considered an impossibility
JWG analysis. Since the 2008 global financial crisis, there have been multiple bones of contention and areas of tussle between the regulators and members of the financial industry. One example is the issue of remuneration, because of its reputation as a key driver for instilling particular behaviours within the financial industry. Used correctly, it can