Regulation & Compliance - Long Reads, News, Articles & Research: Finextra

What to expect from the EU's new PSD3, PSR and FIDA regulations

Renate Prinz Partner at McDermott Will & Emery LLP

What to expect from the EU's new PSD3, PSR and FIDA regulations

This article was co-authored by Annabelle Rau, associate at McDermott, Will & Emery. In November 2015 the Payment Services Directive II (PSD2) on payment services in the internal market came into force, most of the rules are applicable under the according Member State laws since January 2018. PSD2 led to much turmoil among payment service prov...

30 October 2023 /regulation

Artificial intelligence, data and technology adoption – a balancing act

Dominique Dierks Content Manager at Finextra

Artificial intelligence, data and technology adoption – a balancing act

This is an excerpt from The Future of Digital Banking in North America 2024 report. Safe and accurate data is a foundation for financial companies. Enriching and authenticating data between parties will enable institutions to use their data more intelligently, make better decisions, address real customer needs and offer embedded finance. Yet in re...

26 October 2023 /regulation

UK-US Data Bridge: An extension to EU-US data privacy framework

Pilar Arzuaga Senior Associate at MWE

UK-US Data Bridge: An extension to EU-US data privacy framework

This piece was co-authored by Pilar Arzuaga, senior associate, Sharon Lamb, partner, and Michaela Novakova, associate. The UK government has published the Data Protection (Adequacy) (United States of America) Regulations 2023 (SI 2023/1028), the UK-US Data Bridge Regulations, which adopted an adequacy decision for the US (the UK-US Data Bridge) a...

25 October 2023 /regulation

How will the PSR's new APP fraud rules impact banks' inbound transaction processing?

Nick Fleetwood Head of Data Services at Form3

How will the PSR's new APP fraud rules impact banks' inbound transaction processing?

In September 2022, the Payment Systems Regulator (PSR) consulted on a number of measures to address Authorised Push Payment (APP) fraud within the UK’s faster payments system. Now that the Financial Services and Markets Act (FSMA) House of Lords has achieved royal assent, the PSR now has the authority to enact a number of proposals to tackle APP ...

17 October 2023 /regulation

Data protection watchdog seeks constraints on EU open finance plans

Andreas Carney Partner at Pinsent Masons

Data protection watchdog seeks constraints on EU open finance plans

The European Data Protection Supervisor (EDPS) has urged EU law makers to adopt tighter restrictions on the type of ‘customer data’ that is proposed to come within new data sharing schemes for the financial services sector, as well as how such data can be accessed. The EDPS is an independent European supervisory authority mandated to monitor and e...

05 October 2023 /regulation

Why the Electronic Trade Documents Act is the most important law you have never heard of

Chris Holmes Peer at House of Lords

Why the Electronic Trade Documents Act is the most important law you have never heard of

On 20th September, the Electronic Trade Documents Act came into force. I have written here before about why the Electronic Trade Documents Bill was one of the most important bills you had never heard of: “Not only will this bill make trade faster, cheaper, and greener, it is an English law model of how to legislate for technology through specific ...

26 September 2023 /regulation

Consumer Duty: It's just the beginning of the process

Níamh Curran Senior Reporter at Finextra

Consumer Duty: It's just the beginning of the process

Consumer Duty finally came into full force this week, with the FCA publishing a 14-point plan to boost cash savings interest rates. The aims of Consumer Duty are clear: a higher standard for customer protection across financial services. The FCA laid out that customers should expect: helpful and accessible customer support, so it's as easy to sor...

02 August 2023 /regulation

Industry calls for clarity on the PSR’s APP fraud proposals

Paige McNamee

Industry calls for clarity on the PSR’s APP fraud proposals

The UK is grappling with the notoriously complex challenge of reducing Authorised Push Payment (APP) fraud, where a scammer tricks someone into sending a payment to an account outside of their control. These insidious scams drained £485.2 million from UK individuals and businesses during 2022 alone . UK Finance’s Annual Fraud report for 2023 foun...

26 July 2023 /regulation

Generative AI: Why data protection needs to be emphasised

Pilar Arzuaga Senior Associate at MWE

Generative AI: Why data protection needs to be emphasised

In recent years, the financial services sector has witnessed a significant technological revolution. Both fintechs and traditional financial institutions are shifting their focus from using artificial intelligence (AI) primarily for cost reduction to leveraging its capabilities for revenue generation. However, they adopt distinct AI strategies to ...

18 July 2023 /regulation

Chris Holmes Peer at House of Lords

How will AI be regulated in the UK?

AI is impacting all sectors across financial services - capital markets, investment and retail banking; you name it, it’s algorithm-ed it. If you are seeking out a financial product, mortgage or de-materialized instrument, AI is likely in the mix. Last year NVIDIA reported over 75% of companies employing at least one of the traditional AI use cases...

12 July 2023 /regulation

How banks can prepare for the ever-growing risk of litigation

Tom Webley Partner at Reed Smith

How banks can prepare for the ever-growing risk of litigation

Given the recent high-profile bank collapses and restructurings, it is logical to consider the similarities between the current situation and 2008, and if recent events will lead to industry-wide litigation to the same extent that we saw previously. As a starting point, we should remind ourselves what happened in 2008. On one level, the Global Fina...

04 July 2023 /regulation

Consumer Duty: the importance of trust in the age of customer empowerment

Aalekh Bhatt GTM lead - Digital Marketing, UK Banking at Capgemini

Consumer Duty: the importance of trust in the age of customer empowerment

This article was co-written by Chandramouli Venkatesan, vice president, Digital Transformation, and Aalekh Bhatt GTM lead – Digital Marketing, Banking and Capital Markets UK at Capgemini. The entire world is currently attempting to manage financial downturn, and the UK has not been left untouched by this upheaval. The International Monetary Fund p...

03 July 2023 /regulation

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