2024 Lexology Panoramic: Financial Services Compliance Global overview

Summary

Trends in financial services compliance in 2023 centred on two key areas: an increased focus on consumer protection, and the evolution of legal and regulatory regimes in response to innovation. The former was most pronounced in the United States and Europe, where regulatory bodies believed that more needed to be done to help consumers, while Asia took the lead on many innovation issues, particularly with respect to digital assets. The overriding theme is that in the financial services industry, technological development continues to take place rapidly, spurring regulators to focus on risk management strategies for new products and services, and engage in active monitoring where there is the potential for consumer harm.

A continued focus on the consumer was evident in regulatory actions in the United States and Europe. In the United States, the principal regulatory agency for consumer issues since the enactment of the Dodd-Frank Wall Street Reform ...