The last three years of global events and crises in the world of financial services have made the task of predicting the regulatory future nearly impossible. From the COVID-19 pandemic which swept across the globe in 2020 (and continues to simmer in the background), to the crisis in Ukraine, to supply chain and logistics failures and, most recently, the cost of living crisis, anticipating regulatory priorities and predicting developments for the year ahead has become a bit of a fool’s game. Over the past 36 months regulators around the world have moved at pace to contain the knock on effects of these difficulties, modifying regulatory programmes and delayed planned reforms to institute emergency measures.
So where are we now? It has been two years since the end of the Brexit transition period. The dust has also somewhat settled on the post-pandemic “normality” – only for the dust to have been kicked up again, and with great force, by the conflict in Ukraine and the cost of living crisis. Although there is never a quiet moment in the financial regulatory world, it feels that 2023 is poised to be a year when, even by the usual standards of the sector, an awful lot of things are going to happen.
Our new report – What Does 2023 Hold? Key Upcoming Developments and Enforcement Trends covers nine major areas we expect will shape 2023.
- Global enforcement themes
- Enforcement and financial crime
- Regulatory direction of travel in the UK
- Markets, funds and investments
- Risk, governance and oversight
- Tech, innovation and data
- Consumer protection
With that context in mind, we can review the year in financial services regulation for 2022, and look ahead – while recognising the slight futility of predictions – to the year in financial services for 2023.
The team discussed these themes further in a 90-minute webinar in January, in order to help our clients navigate the regulatory landscape in 2023.