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Regulatory Outlook for 2021 – What’s Coming Down The Track?

Recent events have changed the face of financial services regulation, but the future is still following the same charted course. We look at the 10 themes that regulators are focusing on.

At the start of 2020, there was a clear consensus around the direction of future regulation. The period of reform triggered by the financial crisis was coming to an end and a new agenda, focused on operational resilience, climate change, digitisation and competition was taking shape. Post-Brexit, the UK would move towards becoming a low-regulation financial centre.

This is an adapted post – original source at footer.
The events of this year have reshaped this landscape, forcing us to think differently about our society and economy. This does not mean that previous assumptions about regulation are redundant, or that long term-trends have suddenly ceased to apply. But they need to be re-assessed, with the crisis accelerating some while slowing or even stopping others.
Of the previous agenda, digitisation will accelerate and competition will take a back seat, while future regulation around operational resilience and climate change will have been deepened and broadened in scope. COVID-19 seems to be ushering in a period of activist regulation, rendering more distant the prospect of the UK becoming a low-regulation centre.
Below are the key themes UK regulation will focus on over the next five years. Many of these are interdependent and overlapping, and perhaps the biggest challenge for the regulators, and by extension firms, will be understanding these links and balancing their efforts accordingly.
1 Completing the post-financial crisis reform agenda
Although coronavirus has already forced the postponement of many planned regulatory initiatives, with almost certainly more to come, the remaining planks of the reform agenda that emerged in response to the financial crisis seem certain to remain a priority.
The UK authorities have repeatedly re-iterated that LIBOR replacement will go ahead as planned at the end of 2021 and, internationally, Basel IV and the fundamental review of the trading book (FRTB) seem likewise certain to proceed.
However, there will be debates as to whether these reforms should be amended to reflect the impact of the crisis, and over the right balance between global and national standard-setters.
2 Defining the role of regulation after Brexit
The Brexit transition period ends in December and it remains unclear whether the UK will agree a deal before then.
Arguably as important in the long term will be defining the respective roles of parliament, Her Majesty’s Treasury (HMT) and regulators in the post-Brexit world and HMT have started to consult on this.
This will kickstart the public debate around whether the UK should be at the front of setting global regulatory standards or become a low-regulation offshore centre; “Singapore-on-Thames”, as it is often dubbed.
This will play out over the coming years and will assume different forms depending on sector and issue. Last year, Andrew Bailey and Sam Woods made co-ordinated speeches arguing that regulators should retain a high level of discretion overrule-making, so we know where the Bank of England and Prudential Regulation Authority (PRA) stands on this.
However, the Financial Conduct Authority (FCA) under Nikhil Rathi is an unknown quantity and the issue could drive a wedge between the UK regulators.
3 Further blurring the line between the PRA and FCA
The fight against coronavirus is stressing the UK’s ‘twin peaks’ regulatory framework in unanticipated ways, and highlighting that major financial crises are nearly always both prudential and conduct-based. This has required regulators to work more closely together than originally intended and has also forced the FCA to focus for the first time on its supposedly unimportant prudential role.
In the future, the PRA and FCA will continue to work more in tandem, and there should be an enhanced role for the Financial Policy Committee (FPC) as the strategic body in charge during emergencies.
In parallel, the PRA may take on the prudential regulation of the largest asset managers in the same way as it does for the largest investment firms; the sector has become more concentrated since the financial crisis and the coronavirus situation has demonstrated the centrality to the financial system of the largest asset managers.
The debate over whether they should be designated as Global Systemically Important Financial Institutions (G-SIFIs) will also revive.
4 Regulation around vulnerable consumers
Coronavirus is increasing the number of vulnerable consumers and also, for some, the depth of their vulnerability. The picture is further complicated by the FCA’s temporary regulations, providing mortgage holidays and freezes on consumer credit payments, and influencing the behaviour of both firms and customers.
Looking to the future, the FCA will need to review and re-assess its regulations around vulnerability to reflect an economy in which, to give one example, long-term unemployment may be far more common than for over 30 years.
There will also be an extended and painful post-mortem on how firms treated vulnerable consumers through the crisis that will soak up considerable regulatory and firm resources, including senior management bandwidth.
5 Consumer privacy and data protection
As the volume of consumer data that is collected and stored continues to increase, regulators will focus more on what information regulated firms hold, how it is held, and how they use it.
Unregulated firms and firms regulated as e-money or payment services providers, rather than under the Financial Services and Markets Act 2000, are likely to play a larger role in this landscape. Regulators will seek new ways, to ensure consumers’ data is properly protected and is not misused, including how to exert influence beyond the conventional regulatory perimeter.
With regulators also focusing more on outsourcing, operational resilience and cyber, the effective entry hurdle for authorisation will become higher.
6 Digitisation of financial services’ data and decision making
Restrictions to combat coronavirus will accelerate digitisation across the industry, and regulators will need to work hard to assess the risks and trade-offs involved, and to ensure these are effectively mitigated and managed.
Understanding the issues raised, for example, by the interface between machine and human decision making and their impact on customers and markets will stretch regulators in new ways. This will drive fundamental changes in the way they work and how customers interact with regulated firms.
Controlling the risks of what might be an extremely rapid pace of change is an early challenge regulators will want to get ahead of, assessing the continuing effectiveness of firms’ systems and control functions in relation to business models and workforces that will alter radically.
7 Regulators re-engineering their own operating models
Regulators’ operating models are overdue for fundamental revue; the core of the FCA’s is little different from the original FSA model of the early 2000s, while the PRA’s model is a semi-deliberate return to the Bank of England supervision approach of the late 1990s. Both work adequately at the moment, but neither is designed with the challenges of the 2020s in mind.
The realities of recent events have brought the shape of these challenges into sharper relief and, as a minimum, it is clear that regulators will need to become more digitally enabled and proficient, but also less siloed and hierarchical. The recent debacle around Cryptocurrency firm’s AML registration, and the slow progress made, leading to an even greater extension to the temporary regime shows how ill-equipped the regulators are at evolving technology. They will also need to become more effective at identifying and, more importantly, solving, future and long-term problems.
Many of these problems will stretch beyond the regulatory perimeter, a reality regulators now acknowledge, but which their operating models are not geared to tackle.
8 Effective & Accurate Anti-Money Laundering & Fraud Procedures
Financial Crime is on the increase and the Covid-19 induced lockdowns have people confused and frustrated. Criminals are taking advantage of remote working and inadequate systems to inject ill-gotten gains into the system (known as placement) because many firms are disjointed in their procedures. Worse still, commercial fraud is widespread because again, firms have inadequate processes, and financial control is floundering amid accountants not fully being able to understand the “WFH” requirements or the stress applied to processes by it.
Get your procedures assessed and identify any errors, anomalies or inconsistencies – 0207 097 1434
9 The industry’s resilience to major external threats 
The current crisis will intensify and extend regulators’ already-emerging focus on external threats, such as climate change and cyber security.
While the regulatory regime has generally responded well to the demands of the coronavirus situation , the crisis has far from run its course and has already highlighted areas that existing and proposed regulations do not cover adequately, or where regulatory thinking needs to develop further.
Likely developments include the broadening and potential deepening of the proposed regime around operational resilience, with the explicit inclusion of provision for future pandemics and long-lasting “events”.
Safeguarding and Wind-Down planning is a new focus by the FCA for PSD firms.
There also needs to be further thinking on climate change to better capture the increasing probability of climate-related events that are high impact for financial services and the economy more broadly. These might include the steepening frequency of extreme climate phenomena, and the indirect effects of droughts, food shortages and geo-political conflict and instability.
If your firm is required to have specific governance around threats internal and external, get your procedures assessed and identify any errors, anomalies or inconsistencies – 0207 097 1434
10 Group supervision
One of the major consequences of coronavirus across all sectors will be an increase in M&A activity as the industry continues to consolidate, while also seeking to diversify revenue and risk.
Unfortunately, UK regulation has never settled on a consistently effective approach to the supervision of financial services (FS) groups; including both those that are wholly or mostly FS, and others that are predominantly non-FS but contain an FS element.
Both the UK’s current twin peaks framework and the FCA’s preference for a predominantly sector-based approach are unsuited to dealing with this. We should therefore expect a fresh regulatory approach to group supervision – one that includes a rebalancing towards consolidated supervision and a more-comprehensive consideration of the risks posed by non-FS firms.
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Original Source: – Gavin Stewart

Block chain Technology Issues: 5 Ways to Overcome Crypto currency Payment Issues

Block chain Technology Issues: 5 Ways to Overcome Crypto currency Payment Issues

With the increased demand for new technological systems, there come many issues. Every technology has an advantage and disadvantage. Thus, Blockchain technology comes with various issues as well. One of these is the cryptocurrency payment issue. This can lead to huge chaos in the market. Thus, these issues need to be resolved before time.

Moreover, you can find solutions in any software development company. Since we are living in the digital age where digital marketing is the backbone of the ecommerce industry, SEO consultancy and expert services have become a need of the time. Such SEO or software development companies can help you with the cryptocurrency issues and other issues as well. In this article, you will find out ways to overcome such faults and issues in no time.


Before heading towards resolving the issues, firstly, let’s discuss what cryptocurrency is. It is basically a digital or virtual currency that can be exchanged for online goods and services. It is related to the internet that uses cryptography. Cryptocurrency is a decentralized network that allows users to use the currency safely. Thus, it helps in the online transaction for any type of goods or services. Cryptocurrencies are known for being secured and effective. Transactions in them cannot be faked or reversed. Therefore, it is the safest ways to deal on the internet.


With the economic benefits come certain problems. Cryptocurrency is no exception. It is the same as e-money. Thus, it means that it can have similar issues as well. However, these issues can be prevented through simple ways and techniques. Listed below are some of the ways to overcome cryptocurrency payment issues.


A web wallet address is an address that gives access to the user’s wallet on the internet. It stores and monitors all the online transactions online. Therefore, before you do any payment online through cryptocurrency, make sure to verify the web wallet address. This can save you from huge blunders. Moreover, always remember to verify the wallet address regularly.


The web wallet comes with uniquely established codes or passwords with which you can access your cryptocurrency. You must remember those passwords to use them later. Moreover, you can get your account back if it was hacked. Therefore, the easiest way to learn the password is by using mnemonic phrases. It will enable you to recover a crypto wallet if lost or hacked.


A cryptocurrency hardware wallet is a special type of bitcoin wallet that stores all of your data and keys in a secured hardware device. It allows you to easily make transactions. Moreover, it does not have any security risks like online wallets. Thus, it is a safe way to store all your private data, money, information and other important things. With a hardware wallet, you will have an easy access to your information. You can use it if your account gets hacked. Thus, it is a proof of your online wallet. Moreover, it is the most reliable source for storing your money and data.


Anything that is online needs to be secured by software that can detect any virus. Different viruses can damage your online system. Thus, to protect your cryptocurrency payment methods, look for an antivirus system. Run a high-quality antivirus system to eliminate all possible threats including malware or keyloggers etc. moreover, this will help protect your system from malfunctioning during transfers or exchange of transactions during crypto transfers.


One of the most important things to remember is to check the recipient’s address. Before sending a transaction, always make sure to double check the address of your recipient. Look for the authentic web address and secured source. Many hackers have made false web address to divert the attention of people. Thus, to avoid such fraud, ensure to verify the recipient’s address before sending money. You do not want to waste your cryptocurrency. Therefore, the best way to overcome such issues is to double check the address of the recipient by authentic sources.

Cryptocurrency has been used in Blockchain since forever. Because of its highly secured transactions and money transfer, it is used worldwide. Therefore, to overcome all those issues, you need to follow the above mentioned techniques.


With the advancement in technology, different ways of online payment have been introduced. However, with any new technology comes its adverse issues and faults. You can make your work easier by overcoming those issues in the first place. Make sure to look for a verified web wallet address. Moreover, a strong password for your wallet is one of the best things that you can do. However, remembering that password can require some effort. In addition to strong antivirus protection, practicing safe operational security can go a long way. Therefore, take a note of these simple yet effective ways of saving yourself from any mess in the end.


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Regulated Complaints under the FCA DISP Rules

The FCA have reviewed complaint handling and procedures.

Authorised firms are required to have effective procedures in place and within these are found to be errors across many firms. This may be due to poor record keeping, misunderstanding of the actual rules or lack of understanding.

Why Not Let Us Provide An Independent Complaints Review & Response Service?

Things You Need To Do!

MI including Root Cause Analysis (RCA) Actual Google Review

Firms should:

  • Ensure the MI they collect and analyse (including for RCA) is accurate and relevant to its operations as it is an important tool for firms. It helps to measure whether customers are treated fairly and identify ways improve customer outcomes.
  • Have robust RCA capabilities to identify and remedy any recurring systemic problems. Effective RCA should allow firms to find and tackle the root causes of problems (through a process change or improvement).
  • Have appropriate governance and processes in place to make sure RCA provides strategic purpose, accurately identifying recurring or systemic problems.

Complaint handling policies and procedures

Actual Google Review

Firms must:

  • Establish and maintain effective and transparent procedures for the reasonable and prompt handling of complaints. Firms should also make sure they reduce the risk of over reliance on policies and procedures. Firms should consider, for each complaint, whether the customers’ outcome and experience shows the firm has put the customers interests first. Inadequate application of good judgement – and the principle of treating customers fairly – may lead to poor outcomes.

    Actual Google Review

  • Make sure they assess complaints fairly, consistently and promptly.



Recording complaints 

Firms should:

  • Record complaints accurately. Weaknesses and failures in recording complaints may result in poor customer experiences and outcomes, and affect firms’ ability to put things right.
  • Make sure their internal systems and controls allow staff to identify and record complaints correctly.
  • Have processes in place to make sure the data in its FCA annual or biannual complaints return is accurate.


If you have any issues with any of this FCA Complaint Handling detail, or want your procedures reviewed, please contact us on or call

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