Much of the regulatory activity in the years that followed the financial crisis has focused on devising restrictions around how financial institutions should behave, what products they should be allowed to offer and to what extent consumers need to be protected from abusive practices.
Enforcement and compliance within this new and deeply disruptive regulatory landscape has also been a top priority for regulators around the world. In response, financial services firms – notably the large banks in developed countries in North America, Europe and Asia-Pacific – have been making effective use of advances in digital technology to meet the regulatory challenges. At the same time, and with encouragement from regulators concerned about the lack of competition in banking services, an entire industry of fintech service providers and challenger banks has evolved.
With the implementation of the Second Payments Service Directive (PSD2) –regulating payment services across the EU and EEA – now more or less complete, the current regulatory agenda for the banking industry is largely in place across Europe, at least for the time being. Deloitte, in its 2019 banking regulatory outlook, indicates that a similar pause in the pace of regulation has taken hold in the US. Pre mid-term election initiatives aimed at rolling back existing regulations such as the Volcker Rule on proprietary trading and Dodd-Frank are effectively on hold until after next year’s presidential elections.
This is an extract from our 2020 Globalthe latest marketing trends within the industry across the jurisdictions we cover: the UK, Germany, MENA, Asia and Australia. Download the full report by completing the form below.