Latest Compliance News

New Chancellor hints UK economy could be "reset" in Autumn

22 July 2016 at 14:21

The new Chancellor of the Exchequer is eyeing the upcoming Autumn Statement as a chance to 'reset' the UK economy, it has been revealed.

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PPF announces strong figures despite tough economic challenges

22 July 2016 at 14:17

Despite its facing a difficult 12 months, the Pension Protection Fund (PPF) remains upbeat, posting healthy figures for the year to the end of March.

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City watchdog to embrace technology in mission to make regulation easier

22 July 2016 at 13:28

Greater use of new technology could make complying with regulation both easier and cheaper, the Financial Services Authority (FCA) has said.

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Digital economy 'needs better regulation to stay competitive'

20 July 2016 at 18:11

A more robust regulatory framework is needed if the UK's digital sector is to remain competitive on a global scale.
That's according to a new report from a select committee made up of experts drawn from the government's own Department for Business Innovation and Skills (BIS).
Tasked with identifying ways in which the British digital economy can carry on growing and competing at a global level, the committee identified wider and more robust regulation as the key.
In particular, the BIS report notes that rules and regulations should be in place to ensure a "level playing field", with this likely to encourage more innovators to develop and then launch new technology.
Interestingly, the select committee noted that such new technology could play a leading role in developing a new system of regulations, serving as an unofficial watchdog within the burgeoning digital economy.
"Digital platforms (the software or hardware of a site) could themselves become key players in the regulatory framework, required to ensure that users are complying with current regulations and that workers using the platforms have reasonable employment conditions and are not vulnerable to exploitation," the BIS report states.
At the same time, the select committee also called on the government to help support initiatives geared towards collecting real-time data from the sector.
Only by having such information to hand will decision-makers be able to gauge the true value of the digital sector to the UK economy as a whole, thereby helping them draw up a robust plan to ensure the industry remains competitive and well-regulated.  
Meanwhile, further highlighting the regulatory challenges being thrown up by the on-going evolution of the digital economy, the Independent Press Standards Organisation has confirmed it is to look into how existing regulations can be adapted to modern times.
At present, while the watchdog oversees most print titles published in the UK, it does not oversee their digital versions, with calls for joined-up regulations getting stronger all the time.

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FCA chief calms fears of post-Brexit regulation "bonfire"

20 July 2016 at 17:58

British firms need not brace themselves for a "bonfire of regulation" in the wake of the recent Brexit decision, the head of the Financial Conduct Authority (FCA) has stated.
Both in the build-up to and the immediate aftermath of the recent referendum, which saw Britons narrowly vote to leave the European Union, speculation was rife that any exit would lead to a marked rolling back of rules and regulations.
However, addressing delegates at the annual FCA public meeting, recently appointed chief executive Andrew Bailey explained that this looks unlikely to happen.
Indeed, the financial services watchdog is not anticipating any notable changes in how the sector is regulated, meaning its staff will carry on concentrating on their current roles.
Addressing the meeting, Mr Bailey stated: "We don't expect to be distracted from our regulatory obligations, our objectives will not change and, as such, no one should expect a bonfire of regulation."
At the same time, however, he stressed the need for the sector to work with Westminster to ensure that, now the UK will be leaving the EU, a regulatory gap doesn't open up between the two.
"There needs to be a provision for ensuring that there isn't a gap within EU regulation. We will have to work with the government on this," he stated.
This comes as the FCA also looks at overhauling the existing rules and regulations relating to consumer protection.
Using the opportunity of the public meeting to set out his vision for the future of the regulator, Mr Bailey - who only recently joined the FCA from Prudential Regulation, where he served as chief executive - argued that there needs to be a healthier balance between protecting consumers' rights while at the same time ensuring they take responsibility for their own decisions.
Notably, he suggested that moving forward, some consumers could soon be prioritised ahead of others, although he stressed that no new strategy would be implemented before a public consultation has been held.

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