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
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
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.
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
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.
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
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
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
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
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
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