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As we finally emerge from the shadow of the pandemic in 2022 (albeit more slowly than hoped), regulators and policymakers have left emergency measures behind and returned to their reform agendas. In this piece, our regulatory experts set out the top ten UK developments for financial institutions and fintechs to watch in 2022, covering:

  1. Embedding good culture
  2. Shifting retail expectations – the new Consumer Duty
  3. Defining the boundaries of BNPL regulation
  4. Bringing crypto within the regulatory perimeter
  5. Reforming the regulatory approach to AML
  6. Tightening the appointed representatives regime
  7. Preparing for the financial promotions gateway
  8. Operational resilience – counting down to application
  9. Ramping up ESG regulation (and enforcement?)
  10. Increasing divergence and the Future Regulatory Framework Review

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Author

Philip Annett is a partner in the Baker McKenzie London office and has experience in a wide range of contentious, regulatory and compliance matters. He has an in-depth knowledge of working with various UK and international regulators, having previously been a senior lawyer in the Enforcement Division at the Financial Conduct Authority (FCA), where he led some of the regulator's highest-profile enforcement cases, and having been seconded to the Bribery and Corruption Division at the Serious Fraud Office. Philip has received acknowledgement from numerous legal industry guides. The UK Legal 500 note him as "an expert in enforcement matters". Also that "he is technically gifted and his deep experience and pragmatic approach means he is able to deliver for clients in an effective manner".

Author

Kimberly Everitt is Baker McKenzie's knowledge lawyer for Financial Services Regulation & Enforcement, covering the EMEA region, and brings over a decade of experience to the team in both knowledge and fee-earning roles. Prior to joining Baker McKenzie, Kim held roles specializing in contentious financial services regulation knowledge, and her fee-earning roles covered non-contentious regulation in the private equity and general financial services sectors.

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Connie Faith is an Associate in Baker McKenzie London office.

Author

Julian is a senior associate in Baker McKenzie's Financial Services Group in London. Julian advises financial institutions including international and local fintechs, investment and retail banks, asset managers, investment advisers, payment services firms and product issuers on compliance with UK and European regulatory obligations. Julian also has experience in advising on the spectrum of regulated financial services and products including deposit products, payment accounts and electronic money products, consumer credit, insurance, derivatives, managed funds, structured debt and equities. Julian has completed a secondment to UBS AG and Western Union Business Solutions, in their in-house legal and compliance teams. Duties included advising equity derivatives, fixed income derivatives and equities teams on general commercial and regulatory issues. He is currently on secondment from the Australian offices of the Firm and has extensive experience with both Australian and English financial regulation.

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Caitlin McErlane advises asset managers, banks, major corporates, exchanges, clearing houses and payment institutions on navigating UK and EU financial services regulation. She has particular experience in advising clients on operating in compliance with ongoing regulatory developments, including MiFID II, EMIR, the Investment Firms Regulation, ESG reforms, AIFMD and the Market Abuse Regulation.

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Mark heads the Financial Services & Regulatory (FSR) practice group in London and co-leads the FinTech group. He also acts as Chair of the FSR practice for the EMEA region and sits on the Global FSR Steering Committee. Mark is ranked as a Leading Individual in Legal 500 2022 for Financial Services (Non-Contentious Regulatory) and is individually ranked in Chambers 2022 for FinTech. He is described in these publications as being "very knowledgeable" and "very approachable" with "a wonderful range of FinTech experience" and as someone who is "clear, commercial and pragmatic and understands all the issues in detail." He has authored a number of articles and contributions for leading journals and other publications, most notably the Journal of International Banking and Financial Law, the International Guide to Money Laundering Law and Practice, and A Practitioner's Guide to the Law and Regulation of Financial Crime.

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Shaneil Shah is an Associate in the Financial Services & Regulatory Group in the London office. Shaneil has experience advising FinTechs, funds, banks, asset managers and payment institutions on compliance with their regulatory obligations and has spent time on secondment to Baker McKenzie in Hong Kong.

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Ben Thatcher is an Associate in Baker McKenzie London office.

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Sarah Williams is an associate in the financial services practice in London. Sarah advises a broad range of clients on financial services legal and regulatory issues. Sarah's practice includes advising on the regulation of payment services and electronic money, investment firms and consumer credit providers and anti-money laundering compliance issues.

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