Merchant fraud teams urged to adopt risk-based AI governance as FCA sharpens focus on financial services
Merchant fraud and risk leaders should adopt a more proportionate approach to AI governance as regulators increase scrutiny of artificial intelligence in financial services, according to an AI specialist responding to the Financial Conduct Authority’s latest review of emerging technologies. The FCA’s recent review highlights how AI has the potential to transform financial services while […]
Why fragmented financial crime oversight is creating new risks for firms
Financial crime is no longer just a compliance issue, it is a test of economic resilience, consumer trust and national security. The scale and complexity of the threat continue to grow. The Office for National Statistics estimated around 4.2 million fraud incidents in the year ending March 2025, a 31% increase on the previous year. Fraud, money laundering, scams […]
2026 predictions: Evidencing compliance in a data-led regulatory world
If 2024 and 2025 were about interpreting the FCA’s Consumer Duty, 2026 will be about proving it. Political pressure to stimulate growth may continue and talk of “reducing burdens” will persist. But firms should expect the operational reality to move in the opposite direction: more targeted evidence requests, more granular scrutiny and less tolerance for […]
FCA looks to set standards for crypto firms
The Financial Conduct Authority (FCA) is seeking feedback on proposals to set minimum standards for crypto firms in their dealings with UK consumers. The proposals mirror many requirements which already apply to traditional financial firms, such as on operational resilience and systems and controls to fight crime. The FCA has stated that its proposed rules […]
FCA conducts further consultation on enforcement transparency proposals
The FCA has published the second phase of its consultation on proposals for a measured increase in transparency about its enforcement investigations, and set out plans for further engagement after significant concerns were raised in relation to the original consultation. The further consultation also aims to assist ongoing parliamentary scrutiny, including by the Commons’ Treasury […]
FCA issues Metro Bank with hefty fine for transaction monitoring failings
Metro failed to have the right systems and controls to adequately monitor over 60m transactions, with a value of over £51bn, for money laundering risks between June 2016 and December 2020, with the Financial Conduct Authority issuing a £16,675,200 fine as a result. The FCA says Metro automated the monitoring of customer transactions for potential […]