The UK Prudential Regulation Authority (PRA) has fined the former CEO of Wyelands Bank GBP118,808 for various regulatory breaches, including that he failed to take reasonable steps to ensure the business for which he was...more
By now, you may have heard that the UK Financial Conduct Authority (FCA) is consulting on changes to its approach to publicising enforcement investigations, as well as other changes to its Enforcement Guide. If they come into...more
3/4/2024
/ Banking Sector ,
Capital Markets ,
Employment Litigation ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Insurance Industry ,
Investigations ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
This is the last post in our series on the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals to introduce a new regulatory framework on diversity and inclusion (D&I) in the financial...more
12/22/2023
/ Banking Sector ,
Corporate Culture ,
Corporate Governance ,
Data Protection ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
UK
The recent proposals from the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on diversity and inclusion (D&I) include proposals in respect of governance and oversight within in-scope firms....more
12/20/2023
/ Banking Sector ,
Compliance ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
Proposals from the UK financial regulators aimed at improving diversity and inclusion (D&I) in the UK financial services sector include an explicit expectation for all in-scope firms to consider a lack of D&I as a...more
12/20/2023
/ Banking Sector ,
Compliance ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
The Financial Conduct Authority’s (FCA) new package of sustainability disclosure requirements (SDR) and investment labelling rules is a key pillar of the UK government’s efforts to introduce an economy-wide SDR regime. All...more
12/20/2023
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Greenwashing ,
Reporting Requirements ,
Sustainability ,
Sustainable Business Practices ,
UK
The UK financial services regulators’ latest proposals for improving diversity and inclusion (D&I) have implications for the governance and oversight arrangements of in-scope firms. Building on existing requirements, the...more
The FCA has issued the final version of its rules for stage one of the UK’s new Sustainability Disclosure Requirements or SDR, together with its new ESG product labelling regime. The rules are detailed and complex. The new...more
The latest proposals for improving diversity and inclusion in the UK financial services sector, published by the Financial Conduct Authority and Prudential Regulation Authority, include changes that will impact Senior Manager...more
The Financial Conduct Authority (FCA) and Prudential Regulation Authority’s (PRA) recent proposals demonstrate a divergence in approach when it comes to individual accountability and expectations of senior management in...more
The UK Financial Conduct Authority's consultation on diversity and inclusion (D&I) in financial services proposes new rules and guidance on identifying and taking action in relation to non-financial misconduct such as...more
12/14/2023
/ Bullying ,
Diversity and Inclusion Standards (D&I) ,
Employee Misconduct ,
Employees ,
Employer Liability Issues ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
International Labor Laws ,
Proposed Rules ,
Prudential Regulation Authority (PRA) ,
Senior Managers ,
Sexual Harassment ,
UK
The FCA is focused on reducing non-financial misconduct to enhance the reputation of the UK financial services sector. Spurred on by positive levels of engagement with its 2021 discussion paper, the FCA’s latest consultation...more
12/13/2023
/ Banking Sector ,
Code of Conduct ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employee Misconduct ,
Employees ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Internal Investigations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Senior Management Regime (SMR) ,
SMCR ,
UK
The FCA has issued the final version of its new anti-greenwashing rule – part of a package that includes additional rules as stage one of the UK’s new Sustainability Disclosure Requirements or SDR, plus the FCA’s new ESG...more
The latest UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals for improving diversity and inclusion in financial services include requiring firms to report on six new inclusion metrics....more
11/30/2023
/ Banking Sector ,
Data Collection ,
Data Protection ,
Data Reporting ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
Developing and maintaining an inclusive environment is crucial for realising the benefits of having a diverse organisation. With this in mind, the UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority...more
11/29/2023
/ Banks ,
Compliance ,
Data Collection ,
Data Protection ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Risk Management ,
UK
Post six in our blog series on the UK Financial Conduct Authority and Prudential Regulation Authority proposals to improve diversity and inclusion (D&I) in UK financial services considers the D&I data firms would be required...more
11/27/2023
/ Banking Sector ,
Data Collection ,
Data Protection ,
Data Reporting ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
The latest post in our blog series looking at the UK Financial Conduct Authority and Prudential Regulation Authority proposals to improve diversity and inclusion (D&I) in the financial services industry focusses on data...more
11/27/2023
/ Banking Sector ,
Data Collection ,
Data Protection ,
Data Reporting ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
The UK financial services regulators’ proposals for creating a new regulatory framework for diversity and inclusion (D&I) in financial services include proposals that in-scope firms report various aspects of their D&I data on...more
11/27/2023
/ Banking Sector ,
Data Reporting ,
Disclosure ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Transparency ,
Voluntary Disclosure
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are consulting on proposals to introduce a new financial services regulatory framework on diversity and inclusion (D&I) in the financial...more
11/27/2023
/ Banking Sector ,
Data Management ,
Data Protection ,
Data Reporting ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Employment Litigation ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Personal Data ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Reporting Requirements ,
UK
The UK financial services’ regulators have introduced new proposals on setting diversity and inclusion (D&I) targets by firms. These proposals aim to address underrepresentation of particular demographics within firms and the...more
11/17/2023
/ Banking Sector ,
Corporate Culture ,
Corporate Governance ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
UK
The UK financial services regulators’ latest proposals for improving diversity and inclusion (D&I) include detailed proposals in respect of in-scope firms’ D&I strategies. The proposals, if implemented, would represent a...more
11/14/2023
/ Banking Sector ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Shareholders ,
UK
The extent to which firms are captured by the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority’s (PRA) proposals to implement a new regime for diversity and inclusion (D&I) in financial services...more
The UK financial regulators’ proposals for creating a new regulatory framework for diversity and inclusion (D&I) in financial services are wide-ranging and detailed but have at their heart a few consistent themes. ...more
11/2/2023
/ Data Privacy ,
Data Protection ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Risk Management ,
UK
The UK financial services regulators are setting out to move the dial when it comes to diversity and inclusion (D&I) in the financial services sector. D&I strategies, targets and disclosures are all included in their new...more
10/25/2023
/ Banking Sector ,
Banks ,
Data Protection ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
There are useful takeaways for EU and non-EU firms arising from the European Supervisory Authorities’ (ESA) latest thinking on greenwashing. In June 2023, the ESAs issued progress reports examining greenwashing risks and...more
7/27/2023
/ EIOPA ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Greenwashing ,
Insurance Industry ,
SFDR ,
Sustainable Finance ,
Taxonomy