Find out more about the key challenges for the Financial Services sector and how they could impact your business.
1. Data Protection and Cyber Security
In today’s digital age, data privacy and cybersecurity are significant challenges for the sector. As a result the UK has implemented numerous rules and regulations to guarantee the safety of personal and sensitive information. GDPR, the DPA 2018, and the Cybersecurity legislation make up the UK framework, ensuring the protection of your data and peace of mind.
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4. Environmental, Social and Governance
ESG (Environmental, Social, and Governance) assesses the sustainability and societal impact of a corporation or business and it's becoming increasingly popular among investors. Financial Services companies are under pressure to improve their ESG performance, but it's still a developing area.
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2. Class Actions
Class actions in UK & Europe rise
due to challenging economy, technology, funding and EU Directive allowing opt-out. Growth areas include finance, consumer, competition law and ESG compliance, data breaches and financial services regulation. Financial services companies should prepare crisis response plan and assess readiness for group litigation, comply with reporting obligations.
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7. The legal team of tomorrow
Integrating legal tech, demonstrating the value of your team, creating efficiencies and more rewarding careers for your people. The world of legal technology and operational efficiency is evolving quickly.
6. Horizon scanning - a challenge for legal teams
From the tsunami of COVID and Brexit legislation to the growth of ESG and supply chain governance, horizon scanning for the next regulatory challenge has never been more important.
5. Regulatory Research and Mapping
Regulatory mapping plays a vital role in assuring that businesses in the Financial Services sector are aware of their legal and regulatory obligations, and taking the necessary steps to comply with them. At a time that matters most, effective horizon scanning can help businesses avoid costly fines and penalties.
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Financial Services
Challenges for 2023
Vishal Anand
Senior Vice President, Mindcrest
+1.718.709.4874
M:
vishal.anand@mindcrest.com
E:
3. Economic Crime and Fraud
The lasting effects of COVID-19, the war in Ukraine and global economic markets in turmoil are leading to an increase in the rates of economic crime and fraud in the Financial Services sector
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1. Economic crime and fraud 101: An overview of laws, regulations and Government strategies
The UK government combats economic crime and fraud with strong laws and enforcement agencies for a secure business environment and fair competition. This demonstrates the UK government's unwavering dedication to maintaining integrity and accountability
2. Horizon scanning: A potential new economic crime and fraud offence could increase the burden on the Financial Services sector
The anticipated economic downturn means cases of economic crime and fraud are likely to reach an all-time high and if new legislation is enacted it will increase the burden on the Financial Services sector, requiring additional self-scrutiny. How can this burden be mitigated?
1. Data protection and cyber security 101: Regulations, enforcement and compliance
Compliance with GDPR, DPA and cybersecurity regulations is mandatory for all organisations operating in the UK to mitigate risks of data breaches and cyber-attacks. Training providers such as Zing365 can help organizations understand and comply with these regulations.
2. Ransomware and Ad-Tech in the Financial Services Sector
The financial services sector is under constant threat from data protection risks. These risks can result in devastating enforcement action and reputational damage. Don't leave yourself to the devastating consequences of a data breach - take control and reduce risk today.
1. ESG 101: Understanding environmental, social and governance
By considering ESG factors, investors may be able to identify companies that are better positioned for long-term success, and that are more likely to contribute to the achievement of the UN Sustainable Development Goals. The popularity of ESG investing is clear, but it is still a developing area and can be challenging for investors to make decisions.
2. The importance of integrating biodiversity into net zero emissions goals in 2023
2023 will be a busy year for ESG - TNFD will launch, the EU, UK and US will implement new rules to clarify ESG investments. There's no doubt that ESG and sustainability-linked investing will continue to grow, but the concerns about greenwashing may lay waste.
1. Emerging regulatory and business challenges for financial services
For financial services institutions, ensuring compliance with large, emerging regulatory measures can be time-consuming, resource constrained and cost prohibitive. The challenges faced by chief compliance officers are magnified when working with a limited or shrinking budget.
2. The challenge of keeping a pulse on sweeping regulatory changes
New rules and regulations for conducting business are constantly being developed—sometimes daily—both domestically and globally. Organisations need to implement a robust regulatory compliance program to identify, map, and monitor regulations and avoid fines, remediation costs, and reputational damage.
Robbie Constance
Head of Financial Services Regulatory
+44 (0)7545 100514
M:
robbie.constance@dwf.law
E:
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6. The Spring Budget 2023
As expected from Jeremy Hunt's first full budget, there was little change to headline tax rates but it was not short of announcements. Changes to Enterprise Management Incentives, Seed Enterprise Investment Scheme, British Patient Capital, Real Estate Investment Trusts and investment zones – DWF's tax team have reviewed some of the key measure affecting the Financial Services sector.
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7. Wind-down Planning
The FCA have called on financial services firms to improve their wind-down planning to ensure the orderly winding down of their regulated businesses. While the FCA has not yet taken public disciplinary action against firms on inadequate wind-down planning, it warned that it would view future deficiencies more seriously.
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