These combined functionalities not only transform operational governance and oversight efficiencies, but have a significant impact on businesses’ abilities to accelerate trade, expand trade partner portfolios and ultimately provide faster routes to revenue.
Zoë Parsons
Marketing Manager
In today’s rapidly evolving business landscape, regulatory compliance has become a significant challenge for financial institutions and other regulated industries. The ever-changing and complex regulatory requirements place a heavy burden on organisations, leading to increased costs, resource allocation, and operational inefficiencies. However, a silver lining appears through the rise of compliance software, which serves as an innovative solution to manage the abundance of regulatory requirements.
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Panel discussion in support of Movember, addressing the challenges men face regarding mental health at work, how we can break down the barriers and how as employees and colleagues we can work together to foster supportive environments where everyone's mental wellbeing is valued.
Last month, the FCA urged financial advisors to review retirement income advice processes, whilst raising concerns within the motor sector regarding fair value, Lloyd's predicted generative AI to increase cyber threat risks, the UK Parliament released its much anticipated 'Sexism in the City' report, and REG launched its new Partnerships Programme...
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In an industry where success hinges on strong relationships, insurance and financial services companies must prioritise integrity, trust, and diligence when forging new business relationships. However, navigating the intricacies of regulatory and statutory obligations often creates obstacles for these relationships from the start. The complexities of regulatory adherence have been cited to impede regulated firms’ abilities to effectively initiate new partnerships; hindering growth and stifling innovation. Now, with the growing emergence of RegTech, businesses can streamline compliance processes and accelerate trade partner onboarding, ultimately setting them up for sustained success...
Last Month, the FCA labelled fair value and pricing as the biggest challenge of Consumer Duty, pension funds drove a surge in UK corporate bond investments, insurers rallied for an investment boost with innovative partnerships and REG published its 2024 research report, exploring the evolving landscape of regulatory compliance and the use of technology...
This research report delves into the challenges posed by the ever-evolving regulatory landscape, which have resulted in decreased process efficiency and compliance impacts. Despite the proliferation of technology, the market remains hesitant to fully embrace regulatory technology (RegTech) solutions. However, businesses that have adopted RegTech have experienced significant benefits in streamlining their compliance operations. How can the market overcome the barriers and leverage technology to thrive in the face of regulatory pressures?
India's insurance market has soared to unprecedented heights in the past decade, experiencing double-digit growth and positioning itself as one of the world's fastest-growing sectors. This surge is fuelled by rising incomes, increased awareness, and strategic collaborations with cutting-edge RegTech. Navigating through intricate regulatory landscapes, India's insurers embrace challenges and innovation, influencing global trends...
Last month, The FCA and the UK Government invited feedback on three proposals designed to improve individuals' decision-making regarding investments and pensions, The IMF suggested that almost half of jobs will be impacted by artificial intelligence and the FCA has highlighted the importance of reporting cases of non-financial misconduct, even if individuals have signed non-disclosure agreements.
Read these articles and many more, as we bring you all the important news from the insurance and financial services world...
The Consumer Duty, enacted by the UK’s Financial Conduct Authority (FCA) on July 31st, 2023, represents a pivotal regulatory shift, mandating firms to prioritise customer interests and elevate outcomes. Applicable to all entities regulated by the FCA, spanning insurance firms, banks, and investment companies, the Duty extends across the spectrum of products and services offered to individual consumers and micro-enterprises. Since enforcement, adherence to the Duty has brought forth an array of challenges for firms subject to the new rules. With regulators imposing strict scrutiny, let’s explore the challenges around compliance with the Duty and how firms can overcome them...
In the financial services sector, where trust and integrity are paramount, the acquisition and management of data within the supply chain play a pivotal role in upholding regulatory compliance and thwarting financial risks like money laundering, terrorist financing, and other forms of financial crime. The importance of meticulous data gathering and oversight from entities in these chains cannot be overstated. Let's delve deeper into the criticality of this data, the challenges it poses, and strategies to navigate this intricate landscape...
Last month, the FCA unveiled an overseas funds regime and measures to improve accuracy of credit files, $420m was pledged to climate ‘loss and damage’ fund at COP28, the digital pound has been cautioned to pose risks to financial stability and the UK insurance sector advocated for relaxed regulations to better attract captive insurance companies.
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