Compliance Monitor

As winter days shorten and another year draws to a close, it's time to look ahead to what's in store for the coming 12 months. Lucy Hadrill and Emma Radmore explore regulatory hot topics to watch out for in 2024.

The bitter war in Ukraine has intensified focus on firms' sanctions controls, as successive rounds of sanctions against Russia have been introduced by jurisdictions around the world. Tom Cummins and Olivier Dorgans analyse US, EU and UK approaches to the key issues of 'ownership' and 'control'.

As the regulator consults on updating its guidance for financial promotions via social media - with a particular emphasis on the often troubling role of influencers - Adam Samuel reviews the features of both documents.

The recommendations of the Task Force on Climate-related Financial Disclosures are supported by over 4,800 organisations around the world and have been recognised as the 'gold standard' for climate-related disclosures. Charlotte Hill and Daniel Hirschfield consider key observations of the Task Force's sixth and final status report on the TCFD-aligned disclosures by firms and the transition to the International Sustainability Standards Board's disclosure standards.

A case that tested the time limit for claims of unfairness under the Consumer Credit Act has opened the door for more litigation over undisclosed PPI commissions. Banks face paying out billions more under an ensuing class action, reports Denis O'Connor.

Legislation passed in 2023 has put in motion key initiatives for fighting financial crime, which will significantly shift institutions' accountability moving forwards. Emma Radmore recaps new APP fraud reimbursement rules and the 'failure to prevent fraud' offence.

Over 8,000 funds that are based overseas but are currently recognised in the United Kingdom could be able to use a streamlined online application form. This will become available when the current Temporary Marketing Permissions (TMR) system is replaced by a new system, the Overseas Funds Regime (OFR), at the end of 2025.

The regulator has warned money transfer firms in Glasgow against breaking competition law after it fined three firms for fixing prices between them on the exchange rates they offered clients who were converting sterling into rupees to send to Pakistan.

Technology consultants and other CTPs (Critical Third Parties) which provide services to regulated firms could be required to adhere to a general statement of their obligations from late 2024 or 2025.

Up to 15 large banks and buildings societies are expected to become 'designated entities' that might need to fill in 'gaps in access to cash' following branch closures, under rules being consulted upon by the FCA. The regulator expects its rules to be finalised by Q3 next year but the start date of the new regime depends on the Government.