On 28 June, the Solicitors Regulation Authority (SRA) published a 12-week consultation on proposed updates to its financial penalty regime in response to the new powers granted under the Economic Crime and Corporate Transparency Act 2023. These updates aim to ensure the SRA’s fining approach remains robust, fair, and transparent, especially in light of its…
The Office of Financial Sanctions Implementation has set up a new legal sector engagement forum
The Office of Financial Sanctions Implementation, a division of HM Treasury UK, has set up a new legal sector engagement forum. The OFSI helps ensure financial sanctions are understood, implemented and enforced. The forum has been set up to enhance the direct engagement between the OFSI and the legal sector. The forum is an opportunity…
Agency over technocracy: how lawyer archetypes infect regulatory approaches: the FCA example
Clark, Trevor, et al. “Agency over technocracy: how lawyer archetypes infect regulatory approaches: the FCA example.” Legal Ethics (2022): 1-20. In this article, we look at the contested role of in-house lawyers in regulated organisations in the financial sector. A recent Financial Conduct Authority consultation on whether to designate the head of legal of banks, insurance companies…
A Legal Framework for Robo-Advisors
The aim of this paper is to offer a broad framework to allow a better understanding of the current legal situation of Robo-Advisory. The disruption of robo-advisors as new market players in the financial sector are bringing new challenges that the regulators must face in the short term. For this reason, at this time, it…
The FATF FinTech and RegTech initiative
At the end of February 2018, the Financial Action Task Force (FATF) launched the new FATF FinTech & RegTech initiative platform, to share information about national initiatives and developments relevant to FinTech and RegTech. The FATF policy is to strongly support responsible financial innovation in line with the FATF Standards to tackle money laundering and…