Originally published by Pinsent Masons' Banks Briefing
In the latest edition of our regular update for the banking industry we look at topics including confirmation from the High Court stating legal privilege can apply to internal investigations on the right set of facts, House of Lords EU committee urges EU and UK to agree on 'mutual market access' in financial services and experts suggest industry engagement is vital to the success of delivering the blueprint for new payments architecture.
High Court: legal privilege can apply to internal investigations on the right set of facts
ANALYSIS: The High Court has confirmed that legal privilege can apply to investigations on the right set of facts, restoring some certainty to a position that has been up for debate since May 2017
House of Lords EU committee urges EU and UK to agree on 'mutual market access' in financial services
EU and UK officials negotiating the terms of trade between the jurisdictions post-Brexit should agree on a deal which will provide financial services firms with "mutual market access", a UK parliamentary committee has said.29 Jan 2018
ANALYSIS: It will be vital for the company tasked with delivering new payments architecture in the UK to maintain engagement and 'buy in' from the wider payments industry so as to successfully finalise and implement the plans.
Wary banks are unlikely to get behind an industry-wide KYC blockchain-based registry, says expert
ANALYSIS: Inter-bank 'know your customer' (KYC) blockchain-based registries are unlikely to get buy-in from all banks because of their wariness about relying completely on third party verifications of data.
The EBA's cloud recommendations leave banks expecting more
The European Banking Authority (EBA) should give more detailed direction to banks and other financial institutions on the steps they need to take to comply with financial regulation when outsourcing business operations to the cloud.
EU regulators provide guidance for digital 'on-boarding' by financial firms
Financial firms should consider requiring customers to provide proof of identity from documentation containing "high security features or biometric data", such as passports, to ensure that digital-only 'on boarding' processes comply with anti-money laundering rules, EU regulators have said.
UK elects to 'delay' new insurance distribution rules amidst uncertainty at EU level
EU laws on the distribution of insurance products will not be applied in the UK until there is more clarity on the final deadline for their implementation, the UK government has said.
PSD2 takes effect without 'open banking' APIs ready at most banks
Changes to payment services laws came into effect in the UK on Saturday despite many banks still not having new technical solutions in place to act on the reforms.
A fine served on an online broker shows that financial firms should not rely solely on group-wide controls and surveillance systems to pick up on suspicious transactions, an expert has said.
Supplier chosen to help with 'open banking' ID verifications
A business that provides identity-proofing services has been chosen to help protect against fraudsters gaining access to customer data under the new 'open banking' regime.
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