Navigating Regulatory Challenges with Linklaters: Edinburgh Reforms, FCA Consumer Duty, and MiFID – #S2E2

Navigating Regulatory Challenges with Linklaters: Edinburgh Reforms, FCA Consumer Duty, and MiFID – #S2E2

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Hosted By Jawad Akhtar


Jean Price, Counsel-Linklaters

Harry Eddis, Partner-Linklaters

Hanbury Hampden Turner, Functional Authority, Regulatory Reporting at VERMEG

Episode show notes

Welcome to FinTalk by Vermeg, the leading podcast in FinTech and RegTech that addresses the most pressing topics in the financial industry.

In the second episode of season 2, our host Jawad Akhtar is joined by renowned industry experts Jean Price and Harry Eddis from Linklaters and Vermeg’s functional authroity, Hanbury Hampden Turner.

Together, they navigate the complex regulatory landscape, discussing the implications of the Edinburgh Reforms, FCA’s consumer duty, MiFID changes, and the growing impact of cryptocurrency on the market.

This episode of FinTalk covers:

  • Unravelling the complexities of the Edinburgh Reforms
  • Understanding the FCA’s consumer duty and its implications
  • Adapting to the MiFID changes and the impact on financial institutions
  • The rising influence of cryptocurrency in the financial sector and regulatory reporting

Episode highlights

Jean Price:


“the Edinburgh reforms don’t stand alone. They’re rather a collection of policy proposals across a variety of areas of regulation and they’ve now been packaged together to signal this willingness to reform to grow the financial services industry and keep it competitive. We saw a massive outflow of business Brexit and now the time has come to really save that and consolidate back into the UK. The reforms aren’t the be all and end all. We’re expecting a drip feed of more policy proposals and consultation papers during the course of this year, especially once the financial services and markets bill is enacted.”

Harry Eddis:


“The primary trigger for change to the UK MiFID regime has been the Treasury’s wholesale markets review. This has set out post changes to remove certain complexities and inefficiencies from the existing regulatory framework. The Financial Services and Markets Bill is going to implement some of those such as the removal of the UK share trading obligation and the double volume cap, while others are going to be left to the FCA to implement such as simplifying the pre and post trade transparency regimes for both fixed income and the derivatives markets. Now the EU has also been looking at a lot of these as well.”

Hanbury Hampden Turner:


“I think we have specifically on customer and market exposures, we have obviously the Pillar 3 regime, 40 plus templates, the ESG regime, 40 plus templates. And these are all information that people are going to be forced to disclose, but it’s not all equally valuable. What we have noticed is that in particular returns, there are many returns, the definitions are vague. They’re saying we need you to disclose this and it should be calculated on the same basis as used in the bank, which is fine and sort of standard bullet [inaudible 00:13:39] you get with a lot of regulations. But some of them are very, very, very specific. They are linked, they need to reconcile back to regulatory data. They are designed, they specifically reference regulatory data. They are saying, for this template you need to compare these measures against these existing regulatory frameworks that must reconcile and that they’re published foundation rules that mean they must reconcile and everything must be very tightly bound in.”