As we emerge out the other side of a heatwave, with the hottest day on record in June financial services issues again dominate newspaper front pages as the Greece crisis, and potential Grexit, became more urgent issues that could impact the daily lives of the general public as well as bankers and those focused on financial services regulation. After a Greek “no” vote in the recent referendum the future remains unclear.
Outside of Grexit we also saw the final Fair and Effective Markets Review (FEMR) report and George Osborne Mansion House speech dominate mainstream as well as specialist press. FEMR proposes a wide range of measures designed to increase individual accountability in firms (including a proposal to extend the senior manager regime to asset managers) and to strengthen the fixed income, currencies and commodities (FICC) markets. This month’s feature article examines the proposals, and their potential impact on UK and global FICC markets in more detail.
In the UK the FCA was focused on “smarter communications”, publishing a discussion paper examining how firms communicate with their customers and questioning whether firms should use different methods to communicate with different types of customer. It also focused on the length of terms and conditions, unsurprising given unfair terms and conditions have been included in its risk outlook for the last two years.