Banking and finance

Recent Articles

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  13/08/2024

  PRA consults on updates to its approach to International Banks

  On 30 July 2024, the Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/24) (“CP”) on proposed updates to its supervisory statement on international banks and its approach to branch and subsidiary supervision (SS5/21). The PRA’s proposals are intended to reflect developments since SS5/21 was originally published and to provide further detail and clarification on specific aspects of its existing approach, including its approach to risk management and remote booking.The consultation is relevant to:PRA-authorised banks and designated investment...

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  08/08/2024

  The new CBUAE Payment Token Services Regulation: 10 things you need to know

  In June 2024, the Central Bank of the UAE (“CBUAE”), the supervisory and regulatory authority of the banking and insurance sector within the United Arab Emirates (“UAE”), published the long awaited Payment Token Services Regulation in Circular No.2 /2024 (the “PTSR”). The publication of the PTSR marks a significant development in the UAE’s regulatory framework for virtual assets. We have highlighted ten key issues below.1.      What activities are within scope of the PTSR?The PTSR sets out a comprehensive framework for licensing...

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  01/08/2024

  Financial Services Webinars On Demand

  View recordings of CMS financial services webinars available on demand.Webinars are a convenient way to stay informed and hear from our legal experts.Webinars On Demand

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  30/07/2024

  Motor finance commission claims: FCA leaning towards consumer redress scheme in 2026?

  Announcements made by the FCA on 30 July 2024 suggest that motor finance commission claims could be the subject of a consumer redress scheme implemented in 2026. Whilst the FCA are keen to stress that nothing has been decided yet and various options remain on the table, a consumer redress scheme appears to be a more likely outcome than it was prior to the FCA commissioning a skilled person’s report into the motor finance market six months ago.BackgroundConsumers have been bringing complaints and claims for compensation against motor finance firms and credit brokers (including motor dealers)...

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  30/07/2024

  FCA begins review of commercial and bespoke insurance regulation

  The Financial Conduct Authority (“FCA”) has issued a discussion paper DP24/1 (“DP”) initiating a comprehensive review of the regulation of commercial and bespoke insurance businesses.The primary objective of this DP is to solicit feedback to determine whether the FCA’s current rules appropriately balance between safeguarding customers who may require regulatory protection and the competitiveness in the commercial non-investment general insurance market. The FCA acknowledges the potential for changes that could better align these priorities, changes that have been much...

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  22/07/2024

  Key Takeaways from our AI in Financial Services Panel Event

  During our recent panel event on Artificial Intelligence (“AI”) in Financial Services, the panel explored how firms are implementing AI in practice, the application of legal, regulatory and ethical frameworks to AI, and potential challenges for firms and regulators. An audience of legal, compliance and business professionals from across the sector made interesting contributions to the debate. The session operated under the Chatham House rule, but here are some of the key takeaways from what was a fascinating discussion....

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