Category: Financial Services

Financial regulator's independence put to the test  

Chancellor Jeremy Hunt’s suggestion that the Financial Conduct Authority (FCA) should reconsider its proposals to name and shame firms under investigation has once again thrust the financial regulator’s independence into the spotlight. Occurring in the lead-up to a high-stakes election, we take a look at the factors fueling the current disagreement, the potential outcomes, and […]
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08 May, 2024

What to expect from the new Commission on financial services

Get ready for a seismic shift in the post-2024 EU financial landscape – where economic imperatives, global competition, and recalibrated political priorities converge to shape a dynamic agenda ahead. In terms of setting the post-2024 EU financial services agenda, turnover in the European Parliament and in some Member State governments (Council) are not the primary […]
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12 Mar, 2024

Addressing investor concerns about a Labour government

Labour’s recent Business Conference and commitment to not increasing corporation tax shows it wants to reassure business it will pursue largely centrist, business-friendly policies in government.  But Labour has also challenged business in areas like employment reform and there is policy uncertainty and risk in others. The sell-side needs to get potential investors comfortable with […]
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23 Feb, 2024

Old rules for the new age of artificial intelligence (AI) in financial services 

Roadmap for AI financial regulation  The coming weeks will see UK policymakers set the direction of travel for regulating artificial intelligence (AI) and machine learning (ML) in financial services.  In October 2022, the FCA, the Bank, and the PRA launched exploratory work, encouraging a discussion on the use and regulation of AI and ML in […]
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23 Oct, 2023

The EU’s Retail Investment Strategy - more than just inducements. A further attempt by the European Commission to get EU citizens to the capital market.  

The Retail Investment Strategy in a Nutshell  With only 30 per cent of EU citizens actively investing in the capital markets, the Commission has long been working on proposals that could make a meaningful difference by tackling transparency and cost issues. This has been focused on restriction to the inducements system of compensating intermediaries and […]
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29 Jun, 2023

Hong Kong crypto consultation:  A step towards retail inclusion

Following a number of crises in the nascent cryptoasset industry in 2022, most notably the implosion of FTX, politicians and regulators across the world have called for tougher regulation of cryptoasset firms and activities.  However, this global shift in approach to the regulatory landscape for cryptoassets does not uniformly translate to key jurisdictions in the […]
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21 Mar, 2023

Silicon Valley Bank: a cautionary tale of rising interest rates and financial stability 

On 13 March, the Bank of England and HM Treasury announced that the UK subsidiary of Silicon Valley Bank (SVB) had been sold to HSBC, to protect depositors’ money and stem potential repercussions for the UK tech sector. This incident shares a root cause with other recent crises, such as the LDI crisis in the […]
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14 Mar, 2023

The political fallout of FTX spreads to France

What happened? 2023 started on a strong note for the crypto industry in France.   Senator Hervé Maurey, a centrist, caught the industry - and the government - by surprise in adding an amendment to an otherwise unrelated legislation. The change would have drastically strengthened the authorisation framework for digital asset services providers (DASPs, or so-called […]
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01 Mar, 2023

Regulating NBFI: are authorities going too far? 

In the last two years, international workstreams to address systemic risks in Non-Bank Financial Intermediation (‘NBFI’) have moved forward with renewed vigour. As the Financial Stability Board (FSB) drives forward policy and regulatory convergence, there will be substantive policy changes in most major jurisdictions over the next decade. However, given the perceived role of NBFI […]
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17 Jan, 2023

After the winter comes spring: the maturing digital asset market

2022 was a torrid year for crypto. The bad news just kept coming: from interest rate rises that saw the price of Bitcoin plummet to multiple corporate failures because of bad business practices, notably Three Arrows, Celsius, and the most high-profile casualty FTX. The critics of crypto and wider distributed ledger technology (DLT) have stepped […]
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16 Jan, 2023

History repeats itself – first as banking, then as crypto  

The collapse of FTX came about because of poor practice that has been outlawed in other parts of the financial system, including the mismanagement of client assets, which resulted in significant investor harm. Its failure is redolent of aspects of the 2008 financial crisis and has given crypto-sceptics their highest-profile example of why crypto should […]
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15 Nov, 2022

The biggest threat to NFTs isn't the market crash 

Key Points  Non-Fungible Token (NFT) adoption and investment has increased significantly and across a range of markets, most notably in sport e.g. through football partnerships.  Popular and political discourse increasingly represents NFTs as a homogenous cryptoasset class. This increases the risk that NFTs are included within plans to regulate ‘financial’ cryptoassets.  Recent turbulence in the […]
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30 May, 2022
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