10 posts categorised "Future of regulation"
04 November 2020 A new blueprint for financial regulation HM Treasury has set out its blueprint for the UK’s post-Brexit regulatory framework in a consultation paper. In this blog, we look at what the proposals mean for financial services firms.
23 October 2019 Taking stock - what next for the UK’s financial services regulatory framework review Financial services is going through a period of technological disruption and change. The sector is responding to macro-trends such as climate change, changing demographics and the risks from economic protectionism. Technology is changing the way financial services firms operate and interact with customers. Incumbents are facing increased competition from challenger firms and, perhaps increasingly BigTech firms. Policymakers are starting to respond to these developments and the scope for a change in focus is perhaps most pronounced in the UK - and not just due to Brexit.
14 August 2019 Evolution or Revolution? HMT fires the starting gun on its review of the UK’s future regulatory framework Whatever the UK’s relationship with the EU ends up looking like, it’s clear that the UK’s regulatory framework needs to adapt to the new reality. This is driven not just by the fact that the UK will no longer be subject to the EU’s regulatory framework (assuming the UK leaves the single market), but also because of the scale of change and disruption in financial services from technology, new players and changing demographics.
13 August 2019 Seeing beyond Peak Reg: collaboration between regulatory and strategic projects By Brian Polk, Director So far in this series of blogposts on bank regulation, we’ve looked at whether ‘Peak Reg’— the point at which the...
26 July 2019 Beyond prudential regulation: welcome to the next wave of regulatory priorities By Brian Polk I began this short series of blog posts on developments in bank regulation by asking whether ‘Peak Reg’ has been reached—the point...
04 July 2019 All change please: the evolving regulatory focus The annual speeches by the Chancellor and Governor of the Bank of England (BoE) at the Mansion House are always important dates in the diary for the financial services sector. This year’s speech was the last that Mark Carney will give as Governor and many expect that Philip Hammond will no longer be Chancellor once a new Prime Minister is appointed. In ‘normal’ times the replacement within a six month period of the two most influential financial services policy makers in the UK would represent an unusual amount of change. But as the sector currently faces a number of profound disruptions, challenges and opportunities, the 2019 speeches are more likely to be remembered as an important signal of the policy makers’ response to these.
24 June 2019 Have banks reached ‘Peak Reg’? Or are there mountains yet to climb? By Brian Polk In the energy industry, a concept has emerged called ‘Peak Oil’ - defined as the moment when global petroleum extraction reaches its...
11 April 2019 Beyond Brexit- a new financial services regulatory framework for the UK? Since the EU referendum financial services firms, regulators and the Government have focused heavily on attempting to mitigate the risks to the sector and the wider economy from the UK leaving the EU without a deal. But the announcement in the Spring statement that the Government would set out its approach to consulting on the UK’s regulatory framework after Brexit before the summer suggests that HM Treasury (HMT) is starting to look beyond Brexit at the big question of how the UK’s financial services sector is regulated and supervised post-Brexit. So what are the major issues to decide? And how could the outcome of these consultations impact financial services firms operating in the UK?
03 October 2018 RegTech: What is the role of the regulator? I was recently invited to chair a panel at the Global Innovation Institute (GI2) conference in Paris to discuss RegTech policy with a number of regulators. Our discussion revolved around our understanding of what RegTech is, what the role of the regulator is today and what it will be in the coming years. Here, I have outlined some of the key themes from the discussion.