Just before Christmas 2022, TSB was fined a total of £48.65million by the FCA and PRA for failings related to its migration to its new parent’s, Sabadell, technology platform, Proteo, in 2018. The impact on customers was considered material and resulted in findings of breaches of a number of the
Continue Reading Managing Migration and Go Live Risk: Lessons from the TSB – Sabadell Migration
Following the publication of the Financial Services and Markets Bill (“FSM Bill”) on 20 July 2022, the Prudential Regulatory Authority (“PRA”), the Financial Conduct Authority (“FCA”) and the Bank of England (“BoE”) (together, the “Supervisory Authorities”) on 21 July 2022 published their Discussion Paper P3/22 (the “DP”) that sets out
Continue Reading Operational resilience in the UK financial services sector: New requirements aimed at ‘critical third parties’ to be introduced
In July 2019, the FCA announced that it was partnering with the Alan Turing Institute to explore transparency and “explainability” of AI in the financial services sector. On June 11th 2021, the Alan Turing Institute published their report on “AI in Financial Services“. This FCA commissioned report
Continue Reading AI in Financial Services – The Alan Turing Institute
INTRODUCTION
Operational resilience is a key focus area for regulators across Europe, at both the domestic and European level. The banking crisis prompted regulators to strengthen the financial sector’s ability to weather financial risks. But as the financial sector has become increasingly dependent on outsourced and third-party service providers, regulators
Continue Reading Draft Digital Operational Resilience in the Financial Sector Regulation: the contractual aspects
