Financial Services newsletter - Issue 1

Welcome to the first edition of our Financial Services quarterly newsletter. In this issue, we delve into the dynamic world of prudential risk management and explore the latest insights, strategies and developments shaping the financial landscape.

Our first newsletter provides an overview of recent developments in the financial services sector. Key highlights include proposed revisions to the Consumer Protection Code aimed at strengthening consumer rights. The newsletter also covers the prominent introduction of the new Market in Crypto Asset Regulation (MiCAR).

The Central Bank of Ireland (CBI) has intensified its scrutiny of Payments Institutions and Electronic Money Institutions, acknowledging their rapid growth and associated risks. In banking, we discuss the EU’s integration of Basel III via the Capital Requirements Directive (CRD VI) and Capital Requirements Regulation (CRR 3), though the implementation of the Fundamental Review of the Trading Book (FRTB) has been delayed until January 2026. We also review the CBI's new measures addressing risks from the UK Gilt crises and their implications for GBP LDI investment funds.

In the insurance sector, EIOPA’s final report on greenwashing highlights the need for greater transparency and offers recommendations for the non-life and intermediary sectors. Retail Credit firms have been directed to end Discretionary Commission Arrangements through a ‘Dear CEO’ letter. Additionally, we celebrate the 10th anniversary of MiFID II, reflecting on its significant influence on financial markets over the past decade.

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FS Newsletter - Issue 1 Aug 2024

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