Latest articles from Victor Smart

Rick Watson

FSB warns of climate change threat to financial stability

Policy-makers and their advisers have at last recognised the implications of climate change on financial stability, marking a sea change in political sentiment on this issue. By Victor Smart

Sarah Kelly

EU remuneration rules to trigger tough conversations with senior bank staff

New regulations imposed by the European Banking Authority in December are going to lead to “difficult conversations” with their senior bank staff. By Victor Smart

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Reforming Australia’s responsible lending rules could be start of deregulatory drive

Australia’s rules around consumer lending face a big shake-up with some politicians declaring them too prescriptive, which has raised questions over whether this is a one-off or the start of a deregulation drive.

Katja Haeferer

Whistleblowing increasingly seen by regulators as important for exposing misconduct

Some regulators are beginning to see the benefits of whistleblowing in helping them route out misconduct, but so far, there is a reluctance to mirror some aspects of the US approach

Martin Boer

FSB cybersecurity guidance dashes hopes for single global approach

The FSB’s cybersecurity guidance leans considerably on the work of US regulators, meaning that it differs from the EU approach, which makes it harder for a genuine global standard to evolve.

Matt Chan

Diverging approaches to IFRS 9 loan provisioning raise APAC fragmentation fears

Although there are common themes among approaches, Asia-Pacific regulators have been pursuing their own measures for how banks should provision for bad loans under IFRS 9, raising fears of further fragmentation. By Victor Smart 

Khaled Ghadban

Mass home working in financial sector is a clear market abuse threat

Banks have around 70-90% of their staff working at home because of the Covid-19 pandemic, which is a nightmare for compliance staff as a lot of activity is now far less supervised 

Hong Kong skyline

Surge in ESG initiatives threatens transition to sustainable economy

An explosion in ESG initiatives across the world is threatening the very goal they are trying to achieve, namely the move towards a more sustainable economy 

Nick Bayley

PRA Citi fine may be start of clampdown on big bank reporting failings

The big fine slapped on Citigroup for reporting failings by the UK’s PRA might be the start of a crackdown on other big banks struggling with their regulatory reporting 

Damon Batten

China seeks compliance with EU rules as it internationalises its benchmarks

As part of making their benchmarks internationally usable by regulated financial firms, Chinese providers are increasingly looking to comply with the EU benchmarks regulation as a stamp of approval