Two years on from the last Dear CEO letter from the Prudential Regulation Authority, there has now been another thematic review letter issued. This most recent letter re-iterates the need for firms to provide far better reliability, controls, and governance around regulatory reporting. This has been a theme in previous letters, but rarely with the strength and conviction of wording
Recently I met Nick, my business acquaintance, at his office for our regular catch-up meeting. Not too long into our conversation, I noticed that Nick was not his usual self and looked worried. I could not stop asking him if all was well and if I could help him with anything. He shared that he has been diagnosed with 80
Autonomy It is said that autonomy, complexity, and a connection between effort and reward are the three qualities that work has to have if it is to be satisfying. Autonomy was top of mind when Best Buy started a program (in 2007) that gave employees, not just flexibility over when, where, and how they worked, but complete control over their
The IFPR (Investment Firms Prudential Regime) is the new regulatory framework aimed at instituting a more proportional prudential approach to the activities of investment firms and groups that hold investment entities which will replace the existing obligations under CRR/CRD or under the old IFPRU, BIPRU or CAD-exempt rules. The current expected date for the new regime to come in to
The Single Compartment approach can be summarized as defining multiple, different and independent products to address very specific customer needs. A more efficient alternative, the Multi-Compartment approach, is to build a more flexible overall product to better meet customer needs. Needs on the « Customer » side Taking out several life insurance plans has become a common and cumbersome reality for many
The US Regulator has recently proposed changes which will impact firms required to report the 2052a and NSFR. Firms will need to consider the impact in areas such as data acquisition and regulatory calculations in advance of these changes coming into force and I’ll summarize both proposals and their impacts in this blog. FR 2052a Revisions The Board of
The European regulatory battle for ESG reporting Let’s start with a reminder, the European Green Deal is a set of political initiatives proposed by the European Commission with the objective of making Europe climate neutral by 2050. The best way to speed it up is the financial regulations. Several initiatives are taking shape in the last days, at both national
What is IFPR? The IFPR (Investment Firms Prudential Regime) is an initiative by the UK regulator to tailor capital requirements, consolidation, liquidity requirements among other areas, together with the associated regulatory reporting currently served by COREP, to a model that more appropriately reflects the activities of investment firms. Who is affected? IFPR will impact all MiFID firms deemed to be
Once the magnitude of the implied changes in payment messaging is understood, financial institutions must carefully plan the migration to the new ISO 20022 standard. This may well involve a number of issues which are not obvious with no clear pathway to a smooth migration. There are multiple factors to be considered in developing a suitable strategy. Unlike other financial
