Post Lehman, regulators all over the world introduced legislative measures to prevent banks being “too big to fail”. Now the regulatory net is being more widely cast across the financial services industry to ensure it remains operationally resilient in the face of deep and fast-moving change.
LIBOR transition has been firmly highlighted as a key topic for 2020 with the Bank of England (the Bank), the Financial Conduct Authority (FCA) and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) publishing a series of documents outlining priorities and milestones for the coming year, to ensure firms are preparing for the cessation of LIBOR from the end of 2021.
Welcome to Insurance 2020, our series of topical articles for the insurance market. Insurance 2020 pulls together key industry themes for the year ahead and will be delivered to your inbox throughout January and February. Given the continuing uncertain global economic and political backdrop, 2020 promises to be another dynamic year for the insurance market. It will undoubtedly be a year of great change,...
Our recent RegZone article discussed the FCA, PRA and Bank of England consultations on improving financial stability in the UK markets through operational resilience. Continuing this theme, but now from the EU perspective, the EBA and EIOPA have published Guidelines to address increasing concern about the changing operational risks posed ...
On 5 December 2019, the FCA, PRA and Bank of England (the “Regulators”) all published their joint and coordinated Consultation Papers (“CPs” the CPs are available here, here and here) on new requirements to strengthen operational resilience in the financial services sector. They are a response to the Treasury Select Committee’s investigation into IT failures within the financial services...
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