Reporting and GovernanceRSS

Cyber incidents at UK banks soared last year

Data obtained by the consultancy RSM under a freedom of information request shows that the UK’s Financial Conduct Authority (FCA) received reports of 819 cyber incidents in 2018, a surge from the 69 reported in 2017. 

DLT risks being a step backwards rather than leap forward for settlements

Distributed ledger technology (DLT) has stirred much excitement in the financial sector, promising to increase the speed and efficiency of clearing and settlement, but one analyst believes the optimism is overdone. 

Better whistleblower protections go live in Australia

Those who report on wrongdoing within their firms are now better protected from reprisal by their employers, the Australian Securities and Investments Commission (ASIC) said in a statement. 

FSB says compensation procedures that reduce risk remain untested

Most banks have established compensation practices and procedures to reduce inappropriate risk-taking, but their effectiveness is still being tested, the Financial Stability Board (FSB) said in a report

CFTC extends comment period on derivatives clearing consultation

The comment deadline for the proposed rulemaking to amend certain regulations that apply to derivatives clearing organisations is to be extended to September 13 from July 15, the US Commodity Futures Trading Commission (CFTC) said in a statement.

Christian Tuddenham

From Saad to Abraaj: governance and transparency in the Middle East

Some high profile collapses have prompted regulatory improvements in the Middle East, but there is still some work to be done around governance. By Christian Tuddenham, partner at Jenner & Block.

Sonia Hierzig

Policy-makers hardening their stance on climate change reporting

The TCFD is one of the most high profile voluntary climate initiatives impacting the financial sector. However, moves are afoot to start mandating some aspects of climate change reporting contained in the framework

Morgane Fouche

The digitisation of financial services highlights regulatory and technological hotspots

The move towards the digitisation of financial products raises important questions around customer data, fairness and in dealing with vulnerable customers requiring financial firms to tread a careful path. By Suchitra Nair, director at Deloitte’s EMEA Centre for Regulatory Strategy and Morgane Fouché, assistant manager in Deloitte’s EMEA Centre for Regulatory Strategy. 

Malavika Solanki

UPI adoption gets nearer following DSB designation by FSB

UPIs are moving closer to industry adoption after the FSB designated the Derivatives Service Bureau as the service provider for these identifiers.

Frank Ford

Rapidly evolving cyber threats prompt banks to beef up defences

Cyber has rapidly soared in importance as a risk to the financial system as banks become more digital. This has forced banks into an arms race against hordes of shady characters and organisations determined to steal from them or to disrupt their operations. By Justin Pugsley.