UK Banks, Insurers Brace For Busy Regulatory Year In 2019
Law360, London (January 1, 2019, 5:03 PM GMT) -- The U.K.'s financial services face a regulatory reckoning on Brexit in 2019, as well as a shift away from the long-standing Libor benchmark and a deadline for payment protection insurance complaints that have cost banks billions of pounds in compensation.
Lawyers anticipate that European watchdogs will continue to consolidate power as they cement a banking and capital markets union. British asset managers and pension fund executives will face tough new accountability rules. And the U.K. government is likely to tighten the screws on the freewheeling world of virtual currencies such as bitcoin.
Insurers meanwhile will grapple with new rules against misselling,...
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