The Common Reporting Standard (CRS) is now live and has brought with it a number of new regulatory requirements for in-scope Financial Institutions.

It is an unsettling time for banks. Public opinion of banks has not recovered since the onset of the financial crisis, as scandals such as Libor rate-rigging and sanctions violations continue to assail the sector.

From 1 January 2016, a new institution – the Single Resolution Board (SRB) – will be empowered to require banks in the Eurozone to alter their legal, financial and operating structures in the pursuit of ‘resolvability'.

Contenders for the Deloitte UK Young Banker of the Year Award provide a welcome reminder that young operational staff are acutely aware of customer needs and the importance of ethical banking.

Uncertainty over post‑election policy change represents the greatest threat to UK business according to the Chief Financial Officers of the UK’s largest companies.

Contrary to previous years, the FCA has not published a separate Risk Outlook, but has instead included this as part of the Business Plan.

Will 2015 be the turning point in the post-crisis re-regulatory agenda, when the focus shifts from repairing balance sheets and reputations to the role of financial services in promoting jobs and growth?

Internal audit departments in the financial services sector continue to operate against a backdrop of heightened regulatory scrutiny, emerging best practices and increasing stakeholder expectations.

The formal start of the Single Supervisory Mechanism draws a line under months of preparations for the transfer of prudential supervision to the European Central Bank.

The Risk and Regulation Monthly provides a summary of the key regulatory developments and pertinent regulatory activity affecting the Financial Services industry.

Strengthening accountability in banking

The Financial Conduct Authority will require all consumer credit firms to detail their compliance monitoring programme and attach a compliance monitoring plan.

On 23 July, the IRS released a bulletin encouraging entities to renew or obtain a QI agreement by 31 July 2014.

UK retail bank ring-fencing took a step forward as two important pieces of secondary legislation were laid before Parliament, where they now await approval.

The UK has received nearly £100bn in foreign direct investment into its financial services (FS) industry since 2007.