Financial Conduct Authority (FCA)
FCA cracks down on ‘dysfunctional’ UK market for overdrafts
Regulator fears vulnerable people are being exploited while banks claim lucrative fees
FCA survey reveals significant increase in tech failures
Cyber incidents represented 18% of incidents reported to the FCA in year to October, despite firms appearing confident with current systems and processes
Brexit set to transfer powers to UK regulators
Government to replace EU financial institutions’ powers with UK versions, says FCA, which will gain oversight of credit ratings and trade repository regulation
FCA sets out stance on climate change
Firms may be asked to publicly disclose how they manage climate risk
IT failures reveal vulnerabilities in UK banking system
Barclays and NatWest are latest victims of internal failure
FCA’s Bailey hits back at EU location demands
It is not necessary for all EU financial activity to take place in the EU if co-operation is close and rules are aligned, the FCA chief argues
Dealers seek FRTB carve-out for Libor transition
Swaps could be hit with capital add-on as liquidity tails off in Libor
Global regulators to collaborate on fintech sandbox
UK’s FCA unveils global network of 12 regulators that will collaborate on testing and supervising innovative technology
UK regulators welcome Brexit ‘back-stop’ legislation
Draft law would allow firms temporary access to UK markets in event of ‘hard’ Brexit
Post-Brexit regulation must avoid ‘race to the bottom’ - FCA official
UK and EU negotiators must aim for customer protection and open markets, says Delfas
FCA’s Bailey stresses need for Libor backstop
Chief executive warns firms the end of Libor is not a “black swan” event, but a certainty, as contracts referencing the benchmark continue to grow
FCA chair warns of big data-driven ‘algocracy’
Technology could lead to a society ruled by algorithms, if safeguards are not put in place, says Charles Randell
UK regulators review financial firms’ operational resilience
Firms must ensure processes can be maintained after disruption - regulators
Panellists disagree on regulatory approach to blockchain
Should regulators be allowed on the blockchain, or should the technology govern itself, panel asks
Paul Tucker: UK supervisors’ powers may go too far
Former BoE deputy says some central banks have too much power and not enough accountability; argues QE was necessary but problematic
UK’s FCA to act on banks using overdrafts as revenue source
Regulator proposes rules to improve transparency around the cost of credit, with plans to ban fixed fees if necessary
UK regulators fine Barclays chief for whistleblowing failure
PRA and FCA say Jes Staley undermined protections for whistleblowers; bank expected to implement stronger controls
Artificial intelligence: The future of regulation?
The raft of new rules imposed on regulated financial institutions in the aftermath of the global financial crisis has a huge compliance cost. Could artificial intelligence offer efficiency gains?
UK takes next steps in payments shake-up
Two of the three retail payment systems have been taken over by the New Payment System Operator, with the third to be integrated soon; first non-bank PSP connects to BoE’s RTGS
Asset managers should be allowed to operate globally – Bailey
FCA chief warns against attempts to restrict trade in financial services, and says he believes regulators have a good basis for “mutual recognition” of standards
FCA’s Bailey calls for unity on post-Brexit regulation
Chief executive calls on EU authorities to co-operate with counterparts in the UK
CFTC’s fintech catch-up effort includes ‘global sandbox’ push
Chairman Christopher Giancarlo says the US derivatives regulator is seeking co-operation agreements around the world
FCA prepares crackdown on inaccessible Mifid data
UK regulator says approved publication arrangements not observing spirit of the rules
FCA’s McTeague examines cyber risks in open banking
Regulator expects firms to maintain high standards of security despite “potentially uncomfortable” transition period