Howard Womersley Smith

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The European Banking Authority (EBA) issued its revised Guidelines on Outsourcing arrangements (Guidelines) at the end of Feb 2019. The revised guidelines are the first wholesale update since 2006 when the guidelines applied exclusively to credit institutions. They now apply to a broader range of in-scope financial institutions (FIs). To review the full article on our FinTech Update blog, click here.…
Background – the European Banking Authority (EBA) issued at the end of Feb 2019 its revised Guidelines on Outsourcing arrangements (Guidelines). These are the first wholesale update since 2006 when the guidelines applied exclusively to credit institutions.  They now apply to a broader range of in-scope financial institutions (FIs). Timings – the Guidelines will apply to outsourcing arrangements entered into, reviewed or amended after 30 Sept 2019. Existing arrangements must be updated in line with…
On 18 February 2019, the Information Commissioner’s Office (ICO) and the Financial Conduct Authority (FCA) updated their Memorandum of Understanding (MoU) with an aim to reinforce and develop their cooperation, collaboration, and information and intelligence sharing. Cooperation and information sharing The ICO and FCA have set out what matters they will communicate with each other and the exchange of information between them. Subject to legal restrictions on the disclosure of information, the ICO and FCA…
At the end of 2018 the UK Treasury Committee announced that it would launch an inquiry into information technology (IT) failures in the financial services sector. The Treasury Committee has stated that it will appoint a specialist advisor to help provide analysis and aid the inquiry. The past 18 months have seen numerous IT failures in the financial services sector. Equifax, Barclays and TSB have all suffered incidents, to name a few. TSB is arguably…
At the end of 2018 the UK Treasury Committee announced that it would launch an inquiry into information technology (IT) failures in the financial services sector. The Treasury Committee has stated that it will appoint a specialist advisor to help provide analysis and aid the inquiry. The past 18 months have seen numerous IT failures in the financial services sector. Equifax, Barclays and TSB have all suffered incidents, to name a few. TSB is arguably…
On 18 December 2018, the European Commission published draft ethics guidelines for trustworthy AI. The guidelines are voluntary and constitute a working document to be updated over time. The guidelines have been opened up to a stakeholder consultation process. The guidelines recognise that there are benefits to be gained from AI, but that humankind can only reap the benefits if we can trust the technology (in other words, that the technology contains trustworthy AI).…
Mark Carney’s extension as the governor of the Bank of England to January 2020 was put in place to ensure a smooth Brexit. Mr Carney has become increasingly vocal in his attempts to maintain financial stability during that period. This has resulted in ‘Brexiteers’ hurling accusations of fuelling “Project Hysteria” after the bank published its economic analysis of Brexit at the end of November. To help mitigate such gloomy predictions, what else could…
London has historically been considered the centre of European financial services. Now it is also viewed as the capital of financial technology (FinTech). However, with the likelihood of a no-deal Brexit becoming ever more real, and increasing attempts to lure FinTech firms to the continent, London’s title is under threat. London provides a haven where FinTechs have been able to grow operational expertise, supported by the combination of significant and sophisticated investment, tech–skilled talent, tech-minded…
As much as there can be tradition in something that is less than five years old, London has ‘traditionally’ been considered to be the capital of financial technology (FinTech). London provides a haven in which FinTechs have been able to grow operational expertise, supported by the combination of significant and sophisticated investment, tech-skilled talent, tech-minded people, a pragmatic and forward-thinking regulator, and a supportive government with its own strategy on FinTech. These have been the…
Every month is probably a busy month for the Governor of the Bank of England, Mark Carney, but September and October seemed especially so. The quiet Remainer was asked in September by the Chancellor, Philip Hammond, to extend his tenure for a further seven months, which Mr Carney responded positively to. From Mr Hammond’s perspective, it is one way of ensuring some form of stability somewhere. Mr Carney has so far managed to hold back…