ECB has published two articles on IT and cyber risk, including an evaluation of banks’ management of IT risks.   

ESMA has announced that it is changing its Union Strategic Supervisory Priorities to focus on cyber risk and digital resilience alongside ESG disclosures. The new USSP will come into force in 2025, at the same time as DORA.

FCA’s “Dear CEO” letter sets out its assessment of this sector’s key harms and its updated supervisory priorities: preventing financial crime and meeting Consumer Duty outcomes.

Text of Nisha Arora’s speech of 1 November 2023 follows in which she discusses the importance of the Consumer Duty as “not being a once and done event”, where the regulator expects firms to be focusing on now, and what firms should expect from FCA.   

FCA has published the text of a letter sent to proportionality level one banks, building societies and PRA designated investment firms which sets out points the regulator expects Remuneration Committee Chairs to consider.  These include: the Consumer Duty; ratio between fixed and variable components of total remuneration; culture and accountability; diversity and inclusion; sustainability in finance.

EBA is consulting on the minimum content of the governance arrangements on the remuneration policy under MiCAR.  Responses are required by 22 January 2024

Text of Elisabeth Stheeman’s speech of 18 October 2023 follows in which she discusses how the FPC is working with other authorities and the private sector to improve and test the financial system’s resilience to cyber risks, and how it will be continuing to improve macroprudential oversight of operational resilience as a medium-term priority.

Text of this speech of 17 October 2023 follows.  Topics include: governance; digital and green transitions; addressing interest rate, liquidity and funding risks

Text of Jessica Rusu’s speech of 5 October 2023 follows in which she discusses various aspects of AI and financial services, including the role of regulation and governance, expectations of resilience and ethical data usage.

The ESAs have published their Work Programme for 2024,. setting out details of key strategic areas they will concentrate on.  These include: consumer and investor protection, operational resilience, financial conglomerates, and securitisation.