| UK & Europe | Publications
NEWSLETTER: I’ve just returned to the UK after some time with our teams in Asia, but travel is not the only reason March has felt like a rollercoaster. While we are still reeling from the impact of liquidity issues at SVB, Signature Bank and Credit Suisse, we set out some guidance below for any firm that uses affected banks to hold client money deposits.
We have not seen the last of these choppy times, and so focusing on operational resilience and forward planning must remain a key focus. Related to these topics, our webinar yesterday looked at the FCA’s recent review of ICARAs alongside what we’ve seen in our client work – you can find the recording here if you missed it.
Meanwhile, the process of updating our UK regulatory framework as we decouple from the EU continues. This month, we look at the important discussion paper. This paper sets out early thinking from FCA to create a single UK framework, in essence combining the three main existing elements of the regulatory landscape for asset management (UCITS, AIFMD and MiFID). We are still a long way off from any specific changes being tabled, and it’s not clear how the proposals will directly make the UK a more attractive place for asset managers. Despite this, some of the concepts will be improvements compared to the current framework. Discussion papers have also been published in recent weeks on the proposed new crypto regime and the next steps in ‘sustainable change’ which we look at below.
We also provide a warning against becoming too reliant on tech solutions in managing financial crime risks. New technologies can bring their own new unique set of risks, but also as fast as new technologies develop, fraudulent ways to deceive the new solutions develop in tandem.
Finally, as Consumer Duty progresses, we look at likely future requirements in the debt consolidation space. Our webinar on Friday will focus on ‘fair value’ – and with over 1,400 of you registered, it’s clearly a hot topic.
Rebecca Thorpe
Chief Executive Officer
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