Top 5 Insights of 2020 From Waymark’s Regulatory Insight Service
As we come to the end of a turbulent 2020, we have been reviewing what Waymark users have been using our platform for, and in the coming days will be letting you know the Top 5 news items, insight articles, and enforcement cases that have generated the most interest.
We have put hundreds of new alerts, case decisions and articles onto our platform during the year - and knowing which ones have been the most popular is a fascinating clue to the concerns of our users who come from financial institutions, law firms, and regulators.
This week we start with the most popular insight articles of 2020. These insights are written by legal professionals from our network of content partners.
* Please note that all links to read insights require a user licence. If you’d like to talk to us about our service, please contact us here.
The FCA confirms the number of open enforcement investigations into “non-financial misconduct”
In January, Allen & Overy’s Sarah Hitchins reported on the FCA’s work on non-financial misconduct and their focus on implications for individual fitness and proprietary. The piece also reported on the insights gained into firms’ culture.
First multi-million GDPR fine in Germany: €14.5 million for not having a proper data retention schedule in place
Also in January, Christoph Ritzer of Norton Rose Fulbright reported on the 2019 GDPR fine levied by the Berlin Commissioner for Data Protection and Freedom of Information. Christoph highlighted this as a sign of vigorous enforcement of GDPR by German DPAs and the importance of examining the detail of data retention and deletion policies.
COVID-19 (Novel Coronavirus) – 10 key points for effective continency planning
In March, Karen Birch of Allen & Overy, along with colleagues, brought us ten key points to be considered in order to ensure businesses were fully prepared to move forward successfully in the times of pandemic. Coordinating business responses, managing the impact on workforce, maintaining appropriate data and documents, and considering insolvency risk were amongst their top tips for effective contingency planning.
FCA announces proposals to further support consumer credit customers
In June, Matthew Gregory of Norton Rose Fulbright wrote about the FCA’s new web page on the proposed guidance for firms to continue to provide support for users of particular consumer credit products. Those users facing financial difficulties due to the virus would be expected to receive continuing support after their payment freeze periods expired, along with those consumers still to request a payment freeze. The guidance was related to credit card, revolving credit and personal loans.
BIS publishes speech on RegTech and SupTech
In August, Arup Sen of Norton Rose Fulbright wrote about Benoît Cœuré’s speech. As Head of the BIS Innovation Hub, he focused on the major challenges in the development of RegTech and SupTech within the financial services sector. We face challenges across the industry which prevents a speedier adoption of RegTech and SupTech. Cœuré said there is a general problem with AI and Machine Learning considering potential buyers of the tech oftentimes do not fully understand how the product works.
Come back and see us next week for our next instalment in our Top 5 series, rounding up the most popular cases from our regulatory enforcement platform during 2020.
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