The Linklaters Podcast

Episode 3: PanDORA’s box

Jimi Piggott-Bader, Bas Jennen and Leonard van den Ende summarise the DORA rules for reporting incidents and significant cyber threats.

Leonard van den Ende: “DORA now prescribes that you have specific processes for identifying, tracking and logging ICT-related incidents.”

To download a copy of the guide, visit our website.

Episode 1: PanDORA’s box

Jimi Piggott-Bader, Gonzalo Diaz and Simon Treacy introduce DORA: what it does, who is affected and what rules are still under development.

Gonzalo Diaz: “DORA aims to address a patchwork of obligations scattered among various legislation and harmonise digital operational resilience rules across the EU financial sector.”

To listen to all episodes in this series, visit our website.

Episode 8: The FCA’s Consumer Duty

In this podcast episode we work through case studies illustrating Consumer Duty scoping for wholesale firms.  We discuss the implications of the definition of "retail customer" and opting up, where you might rely on the relevant exemptions including ECM, DCM and retail structured products, and being in a "distribution chain" and consequences for custody services.

This episode features Sara Cody (counsel) and James Morris (managing associate) in Linklaters' London financial regulation team. If you would like to discuss any aspect of the Consumer Duty or you would like to explore how we can help you navigate the implementation process, please contact Sara (Sara.Cody@linklaters.com), Duncan (Duncan.Campbell@linklaters.com) or any of your Linklaters contacts.

This episode complements our November webinar on Consumer Duty scoping and setting up implementation for success. Visit our Consumer Duty webpage for a recording of this webinar and all our other insights on the Consumer Duty.

Episode 7: The FCA’s Consumer Duty

The FCA has now published its final rules implementing a new Consumer Duty. In this podcast episode we highlight key changes from the draft rules and begin to explore what the implementation journey will look like across the spectrum of firms subject to the Duty.

This episode features Sara Cody (counsel) and Duncan Campbell (senior associate) from Linklaters’ Financial Regulation team in London. If you would like to discuss any aspect of the Consumer Duty or you would like to explore how we can help you navigate the implementation process, please contact Sara (Sara.Cody@linklaters.com), Duncan (Duncan.Campbell@linklaters.com) or any of your Linklaters contacts.

Episode 1: Financial services enforcement trends 2022

In this podcast episode we highlight our top five financial services enforcement trends for 2022.  

This episode features counsel Sara Cody and managing associate Duncan Campbell of Linklaters' London Financial Regulation team.

For more details, see our full publication on financial services enforcement trends for 2022, and visit our dedicated webpage with all our resources on the FCA's proposed Consumer Duty.

Episode 9: Operational Resilience

Clare McMullen, Rebecca Heaysman and Simon Treacy share some feedback from the FCA on firms’ readiness for the UK operational resilience rules.

Clare McMullen, Partner: “You have to remember that the first time the regulator picks up this self-assessment document could be in the wake of an incident.”

Episode 5: The FCA’s Consumer Duty

In this podcast episode we discuss the FCA's second consultation paper on its proposed new consumer duty. What's changed between the first and second consultation? What questions does the second consultation paper answer? And what steps can you take to prepare?

This episode features Gavin Lewis (partner, dispute resolution, London) and Sara Cody (counsel, financial regulation, London).

Visit our consumer duty webpage for all our resources on the proposed consumer duty.

Episode 8: Operational Resilience

Raza Naeem, Clare Wiles and Simon Treacy assess how prepared the UK asset management sector is for operational resilience rules to take effect.

Raza Naeem, Counsel: “At this stage and over the next year or so there’s still time to pin down that legal analysis and recalibrate if necessary.”

Episode 4: The FCA’s Consumer Duty

In this podcast episode we discuss aspects of the FCA's proposed financial services consumer duty that may have particular implications for both retail and wholesale asset managers - including how the duty can apply to various firms in the distribution chain, how the consumer duty could go beyond existing TCF obligations, and a focus on communications and fair value.

This episode features Sara Cody and Raza Naeem, both counsel in our London financial regulation practice.

An infographic accompanies this episode.  And for all our resources on the FCA's proposals including more podcast episodes and infographics, visit our webpage.

Episode 1

Earlier this year, the FCA and TPR issued joint guidance for pension scheme trustees and employers on providing support to members without needing to be subject to FCA regulation. In this first episode of our Insurance and Pensions Regulation podcast, John Sheppard, Jean Price and Jimi Piggott take a look at the guidance and discuss how trustees and employers can provide effective at-retirement support to members, without inadvertently carrying out FCA regulated activities.

For more information, contact john.sheppard@linklaters.com, jean.price@linklaters.com or james.piggott@linklaters.com

Episode 9: Non-financial misconduct and whistleblowing

In this podcast episode we discuss the FCA, PRA and Bank of England's joint discussion paper on their plans to monitor, track and improve diversity and inclusion in regulated firms. We examine how D&I will become a regulatory risk issue; the links drawn between D&I and non-financial misconduct; and the proposed D&I policy options and difficulties firms may face in implementing them.

This episode features Linklaters London financial regulation counsel Elizabeth Dowd and Sara Cody.

Episode 8: Non-financial misconduct and whistleblowing

In this podcast episode we discuss the Upper Tribunal's Frensham decision and the important guidance it provides on when non-financial misconduct involving a lack of personal integrity can impact on an individual's fitness and propriety to perform a financial services role.

This episode features Clare McMullen and Nik Kiri (partners, Financial Regulation, London) and Gavin Lewis (partner, Dispute Resolution, London). For more detail, see our commentary and complete note on the decision.  And for more insights on non-financial misconduct and whistleblowing including a global comparative review and our other podcast episodes, visit our webpage.

Episode 7: Non-financial misconduct and whistleblowing

In this podcast episode we discuss Dutch approaches to non-financial misconduct and whistleblowing in financial services firms. 

This episode features partner Bas Jennen and managing associate Leonard van den Ende both from our financial regulation practice in Amsterdam, and counsel Sara Cody from our financial regulation practice in London.

For more detail, see our full publication reviewing the approach to non-financial misconduct and whistleblowing in 12 key jurisdictions.

Episode 6: Non-financial misconduct and whistleblowing

In this podcast episode we discuss the impact on the regulation of non-financial misconduct of recent proposed amendments to joint ESMA/EBA guidelines.

This episode features Gavin Lewis (partner, Dispute Resolution, London) and Duncan Campbell (managing associate, Financial Regulation, London). For our insights on global approaches to non-financial misconduct and whistleblowing, see our full publication and other podcast episodes.

Episode 3: The FCA’s Consumer Duty

In this podcast episode we discuss the implications for fintechs and challengers of the FCA's proposed consumer duty.  We cover common characteristics of fintechs and challengers and how the proposals may impact them, including data analysis, customer UX/UI, online/app channels and target markets, product complexities, fee structures, "fair value" and intermediation.

This episode features Simon Treacy (senior associate, Financial Regulation, London; simon.treacy@linklaters.com) and Duncan Campbell (managing associate, Financial Regulation, London; duncan.campbell@linklaters.com).

For more detail, see our infographic. And for all our thinking on the consumer duty including other publications, infographics and podcast episodes, visit our webpage.

Episode 2: The FCA’s Consumer Duty

In this podcast episode we review the various mechanisms for consumers to obtain redress from financial services firms. We assess how the FCA’s proposal to extend the private right of action to cover Principle breaches (including any new Consumer Principle) might fit within the current framework. Crucially, will this achieve the FCA’s aim of securing a higher level of protection to consumers?

This episode features Lara Adamson (Associate, Dispute Resolution, London), Tom Rudrum (Associate, Dispute Resolution, London).

Visit our webpage on the FCA's proposed consumer duty for our latest insights and the infographic that accompanies this episode.

 

Episode 6: Operational Resilience

Florian Reul, Kathrin Hafner and Simon Treacy discuss the EU’s draft Digital Operational Resilience Act, known as DORA.

Florian Reul, Managing Associate: “DORA is providing a game plan on how to become better at addressing ICT risks.”

Episode 5: Operational Resilience

Pansy Wong, Rebecca Heaysman and Simon Treacy examine important business services and how to identify them.

Pansy Wong, Partner: “In our experience there’s a feedback loop, so once you work through the other operational resilience obligations you may find yourself revisiting your approach to how you identified those important business services in the first place.”

Episode 4: Operational Resilience

The UK regulators have finalised their operational resilience regimes. Clare McMullen, Verity Kemp and Simon Treacy compare the final rules with the draft rules.

Quote: Clare McMullen, Partner: “How firms treat vulnerable customers fairly is a real priority of the FCA at the moment and so it is not a surprise that they have added express references to vulnerable customers in their guidance on operational resilience.”

 

Episode 3: Operational Resilience

Julia Dixon, Pansy Wong and Simon Treacy share their insights from the OpRisk Global conference which took place virtually in March 2021.

Pansy Wong, Partner: “Plenty of people I spoke to were worried about what it means that different standards are developing in different jurisdictions. And even though the overall aim of all these different regimes is the same, the nuances between them will inevitably cause headaches for global firms.”

Episode 2: Operational Reslience

Pansy Wong, Rebecca Heaysman and Simon Treacy look back on what has changed since the UK regulators released their draft rules on operational resilience in December 2019.

Pansy Wong, Partner: “It would be a real surprise if the outcome of all the policy work that has happened in the background isn’t influenced by the events that have taken place since the consultations were launched… All of that said, Covid-19 has been a really unusual source of disruption.”

Episode 1: Operational Resilience

Julia Dixon, Verity Kemp and Simon Treacy introduce the concept of operational resilience and what it means for UK financial services.

Julia Dixon, Partner: “The reforms are really signalling a cultural change, a shift in terms of how firms need to approach resilience and there’s going to be regulatory attention focused right at the top of the house on how you are approaching this subject.”