Compliance Monitor

Users of one, three and six-month US dollar LIBOR settings have been warned by the FCA that publication of these settings will continue only "for a short period after 30 June 2023" - probably ceasing on 30 September 2024.

At a conference for skilled person panels in November, the Financial Conduct Authority gave presentations on the Consumer Duty, ESG, as well as diversity and inclusion - indicating some areas that will receive regulatory scrutiny going forward. Neasa MacErlean examines the use of section 166 reviews in recent years and stresses that the compliance officer has a key role to play.

A flurry of Dear CEO letters to sectors within the financial services industry have set out the Financial Conduct Authority's concerns in the lead-up to commencement of the Consumer Duty on 31 July. But Adam Samuel fears that lack of effective enforcement could leave the virtuous running up their consulting and staff bills while others carry on as ever.

Use of artificial intelligence is transforming many operations within financial services. Yet, while AI delivers game-changing benefits, its potential harms are the subject of increasing regulation. Minesh Tanna outlines the onerous regime proposed by the European Union and warns that compliance with AI laws is not straightforward.

While regulation is unlikely to take effect before 2024/2025, financial institutions must consider their strategy for engaging in the crypto market and ensure that they have appropriate controls for anti-money laundering and sanctions compliance, writes Bernadine Reese.

'DORA' establishes extensive and broader requirements for the management of ICT risk and third-party ICT risk by in-scope financial services firms in the European Union. It also establishes, for the first time, a regime for the direct oversight of certain 'critical' ICT providers in the EU financial services sector. Charlotte Hill and Clare Reynolds explore what the new requirements mean for in-scope firms and how they can start preparing ahead of DORA's application in January 2025.

"Victims of APP fraud have been waiting more than long enough." A cross-party committee of parliamentarians has berated proposals for the Payment Systems Regulator to hand over the APP fraud reimbursement scheme to industry body Pay.UK as causing further unacceptable delays, conflicts of interest and an inability to enforce the scheme. Denis O'Connor reports.

The Cayman Islands Government has introduced a bespoke legislative regime to attract cryptoasset and other fintech business to its shores, writes Ian Mason.

Wyelands Bank plc has become the first firm to have action taken against it by the PRA for breaching the "large exposure limits" of the European Union Capital Requirements Regulation - with sums equal to more than 25 per cent of its capital on loan to group companies and connected parties.