Responding to regulatory change in a volatile economic climate.
In the UK, the new Financial Services and Markets Act will impose a new statutory obligation upon regulators to protect and promote London as a financial centre. We see the FCA promising to review its individual accountability regime and sharpening its focus on consumer protection and value for money. In the US, the CFPB is ramping up its efforts to protect consumers, despite a ruling challenging the agency’s funding mechanism.
We have seen the CFPB continue to focus on compliance enforcement in 2022, and we do not anticipate this slowing down in 2023.
From the article “WATCH THIS SPACE” by Matt Petersen – Partner, Denver,
& Kaitlin DeWulf – Associate, Denver