The UK Financial Conduct Authority (FCA) announced at the start of last month that it had fined Tesco Bank £16.4 million for a cyber-attack that occurred two years ago. In November 2016, 8,261 personal current accounts at Tesco Bank were compromised. Attackers obtained customers’ debit card details and entered into thousands of unauthorised transactions. This … Continue Reading
Last month (September 2018), the House of Commons Treasury Committee issued a report on its inquiry into the regulation of crypto-assets. The inquiry examined, amongst other subjects, the role of digital currencies in the UK; the impact of distributed ledger (blockchain) technology; and how these should be regulated. The report recommends improvements to consumer and … Continue Reading
The initial coin offerings (ICOs) regulatory map has begun to take shape with the U.S. Securities and Exchange Commission (SEC), the Canadian Securities Administrators (CSA), the UK’s Financial Conduct Authority (FCA), Singapore, Hong Kong, China and Australia offering their opinions on ICOs. The FCA recently stated that ICOs are “very high-risk, speculative investments.” The Dubai … Continue Reading
The Financial Conduct Authority recently released guidance regarding cyber resilience (in the form of new webpages) which FCA regulated firms should take account of. While many larger regulated firms have substantial cyber resilience systems in place, the FCA is well aware that all firms are still vulnerable to attack, and that cyber attacks can impact … Continue Reading
In its speech at the FT Cyber Security Summit, the FCA has outlined its approach to cybersecurity in financial services firms. In addition to this, the Group of 7 (“G7”) has issued an 8-point framework for the financial sector as a push for financial firms to design a cybersecurity strategy. We explore each piece of … Continue Reading
