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.
Reporting and Governance
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.
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.
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
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.
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.
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.
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