Regulation Tomorrow Podcast

Provisions on financial promotion in the UK Financial Services and Markets Bill, lack of expertise and oversight in approving financial promotions, upcoming changes in the sector, potential impacts on investment-based crowdfunding platforms, recent policy statement by the FCA regarding changes to financial promotion rules for high-risk investments and firms.

Discussion on recent developments in the sanctions landscape for regulated firms, including evasion techniques highlighted in a sanctions alert, updates on money laundering through crypto assets, FCA's response to Treasury Select Committee on Russia sanctions, and the importance of staying informed about financial crime and crypto assets.

Overview of the UK Financial Services and Markets Bill, including regulatory powers, changes to lipid package, new areas of regulation like crypto, market infrastructure, and significant detailed changes. Impacts of changes in government and regulators' powers. Familiar and new areas of regulation, including Miffid package changes, designative activities regime, financial promotion gateway, regulation of crypto, and powers over critical third parties. Provisions for senior managers, resolution, and sandbox. Changing control and disciplinary actions against formerly authorized persons.

A podcast explores the UK Financial Services and Markets Bill, focusing on critical third parties and their implications for firms. Topics discussed include the concept of critical third parties, potential changes to regulations, policy objectives, expansion of UK regulation to non-financial institutions, and implications for policy and economic risks.

The podcast discusses the key takeaways from the FCA's policy statement on the consumer duty, including phased implementation with specific dates for new and existing products. It emphasizes the importance of boards, governance, culture, and lasting changes to practices. Also discussed are board-level champions, reflecting the consumer duty, and senior manager accountability.

In our third episode of our series focusing on the FCA’s new Consumer Duty, Joe Bamford and Iain Hawthorn discuss the importance of monitoring and testing and some practical considerations for firms ahead of the implementation date.

In our second episode of our series focusing on the FCA’s new Consumer Duty, Matt Gregory is joined by Iain Hawthorn who explore the consumer understanding outcome, what it hopes to achieve and some practical considerations for firms ahead of implementation.

HM Treasury has published its response to last November’s consultation on bringing buy now pay later businesses within scope of regulation from the Financial Conduct Authority. In this Regulation Tomorrow Podcast, Matthew Gregory, Of Counsel in the London financial services team of Norton Rose Fulbright, shares his insights into the response including what in-scope firms should be doing now.

Topics discussed include common mistakes made by UK firms in AML, determining competency of compliance heads, financial crime controls in challenger banks, development of crypto team within DOJ, expanded AML subpoena power for non-US banks, and Singapore's Cosmic platform.

David Harris and Katie Stephen discuss recent developments in sanctions enforcement for regulated firms, including the role of OFSI, NCA, SFO, and FCA. They highlight the impact of asset tracing and recovery, enforcement risks and suggestions for mitigation, and actions to be taken when breaches of sanctions regime are identified.