Supporting consumers and businesses

This week we held an event to launch our ‘Generative AI in Action: Opportunities & Risk Management in Financial Services’ report, in collaboration with Accenture. The event featured a panel discussion, moderated by our Managing Director of Payments and Innovation Jana Mackintosh, and included speakers from Investec, Accenture, the Alan Turing Institute and the Bank of England on areas where generative AI is driving the most value.

We published our latest monthly economic insight looking at the key trends and events shaping the UK economy, as well as exploring if forecasters’ expectations of a gradual return to growth will materialise.  

Delivering a high growth economy

We welcomed the Prudential Regulation Authority’s (PRA) Executive Director for Authorisations, Regulatory Technology and International Supervision Rebecca Jackson to speak at our offices this week. In her speech, Rebecca covered the growth of prime brokers, emphasising the importance of liquidity risk, operational resilience, and counterparty credit risk management. 

This month we responded on behalf of members to a number of consultations. These included;  

Preventing economic crime

Ofcom’s Illegal Harms Statement was published in December, which highlighted online providers as now being legally required to protect their users from illegal harm. Following our advocacy in this work, the Dedicated Card and Payment Crime Unit (DCPCU), has been included as a trusted flagger for information sharing with platforms. It also included senior accountability for safety and better reporting and dedicated fraud reporting channels. We continue to work closely with Ofcom.

The DCPCU will be taking part in Operation Henhouse, a National Multi Agency month of enforcement activity in relation to Fraud and Financial Crime, taking place in February. This is being coordinated by the National Crime Agency and The City of London Police.

Transitioning to Net Zero

The coming months will see significant developments in the net zero transition, including: 

We are working with the government and regulators across these issues, including feeding in evidence on reforms to home energy performance certification rules; the UK Green Taxonomy; and green elements of the Spending Review.  

In late January, we convened members for two detailed discussions with HM Treasury and the Financial Conduct Authority (FCA) on new financial services regulation for sustainability, where we discussed ways to design net zero transition planning rules so that financial services firms can best help customers to lower their contribution to climate change.

Upcoming events and training