Financial services regulatory affairs newsletter - Q1 2023

Following on from our previous edition of the FS regulatory affairs newsletter, this edition covers regulatory developments in the first quarter of 2023.

Below are five key areas that we identified as pertinent to the Financial Services industry – further information on each of these areas can be accessed via the dedicated links below.

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Banking Q1 - 2023

Q1 2023 saw a number of developments in the banking sector landscape. In this article, we discuss the most significant developments, as follows:

With the implementation deadline fast approaching, the Consumer Duty continues to be the focus for insurance firms in Q2 2023. Here is a summary of the main publications from both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) this quarter.

Climate and Sustainability – Q1 2023

The UK Government issued its long-awaited update to the Green Finance Strategy in March 2023.

Crypto – Q1 2023

This quarter has seen regulation-heavy updates from oversight bodies, as continuing scrutiny exposes market vulnerabilities. This aligns with the increasing trend of the UK government to bring Crypto into the fold of formally regulated financial service products.

Consumer Duty – Q1 2023

The FCA published a wealth of material in Q1 2023 to support firms’ implementation of the Consumer Duty in the lead-up to the 31 July 2023 deadline. There is a range of different FCA publications to get to grips with from podcasts to Live & Local events across the UK, as well as multi-firm reviews and Dear CEO Letters.