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The consumer duty is here: FCA unveils “new era” for UK banks

The UK’s Financial Conduct Authority has published its finalised “consumer duty” rules, in what it says will lead to a “major shift” in financial services providers’ relationships with their customers.

27 July 2022

APRA chair to leave by October

The chair of Australia’s prudential regulator has announced he will leave the post two years earlier than scheduled.

27 July 2022

Meet the policymaker: Jan Ceyssens, European Commission

“Regulation can only do so much”: with the EU’s landmark Markets in Crypto Assets framework agreed, GBRR met with one of its key architects, the head of the European Commission’s digital finance unit Jan Ceyssens, to discuss MiCA, what open banking has in store and his hopes for a digital euro.

25 July 2022

Natural persons cannot challenge EBA’s investigative discretion, appeal board rules

The appeal board of EU financial regulators has confirmed natural persons cannot challenge EBA decisions not to open investigations into member state regulators, saying the EBA’s own-initiative investigatory power is “entirely discretionary”.

25 July 2022

Bank of England proposes rules to regulate third-party service providers

The Bank of England has laid out proposals for minimum reliability standards for “critical third parties” that supply key services to banks.

21 July 2022

US House passes “most significant reform since PATRIOT Act”, enlarging AML monitoring network

The US has expanded the scope of institutions subject to anti-money laundering and sanctions rules, a legislative reaction to last year’s Pandora Papers exposé.

21 July 2022

UK government begins “once in a generation” revamp of financial services

The UK government has published a “landmark” bill that would cement EU divergence, take control over cryptocurrencies and leave room for government to siphon power away from its regulators – all at once.

20 July 2022

ANZ to buy insurer’s banking arm while competitive impact debated

Brisbane-based insurer Suncorp Group has agreed to sell its banking arm to Australia’s second-largest bank ANZ, with HSF and Ashurst advising.

20 July 2022

“A different type of regulator is required”: FCA chief previews plans for crypto, data and ESG

The chief executive of the UK’s Financial Conduct Authority has told a US audience the regulator is on a new path to expand its technological capabilities and regulatory remit on crypto.

18 July 2022

Powell and Clarida cleared over blackout trades

The US Federal Reserve’s watchdog has said that chair Jerome Powell and former vice-chair Richard Clarida did not violate any laws during a 2020 trading scandal.

18 July 2022

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