Consumer Duty will require institutions to deliver good outcomes for retail customers

25 May 2023

This is an excerpt from The Future of Risk Management and Compliance 2023 report. The UK ’s long awaited Consumer Duty is due to come into force on the 31st of July 2023, and financial institutions are being encouraged to “eat the frog” in the coming months and ensure they are fully prepared for the impending regulation. The FCA’s Consumer Duty wi...

CBDC and progress across digital currencies could be feasible

24 May 2023

This is an excerpt from The Future of Risk Management and Compliance 2023 report. Under the technology and innovation pillar of The Edinburgh Reforms, the UK Government outlined its desire to ensure the regulatory framework supports innovation and leadership in emerging areas of finance, facilitating the adoption of cutting-edge technologies. The R...

Open banking reviews should lay the groundwork for open finance

15 May 2023

This is an excerpt from The Future of Risk Management and Compliance 2023 report. During 2022, European regulators launched consultations into revisions for the Second Payment Services Directive, otherwise known as PSD2. Since coming into effect in 2016, payments have evolved dramatically, and regulators are motivated to understand the impact PSD2...

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AML and financial crime efforts will be pursued aggressively

10 May 2023

This is an excerpt from The Future of Risk Management and Compliance 2023 report. Financial crime, particularly anti-money laundering (AML) and counter-terrorist financing measures remains at the top of regulators’ agenda. Global tensions and instability, anti-money laundering, and counter-terrorist financing measures have become central to risk m...