The regulatory burden on banks has increased massively over the past 10 years, both in terms of prudential measures – higher capital and liquidity requirements being the most obvious – and regulatory scrutiny of bank-customer relationships.
One aspect of this is the changing nature of the ‘regulatory perimeter’ that defines the scope of regulation, and another is the way in which banks’ obligations to their customers are being forced to evolve. Innovation in financial technologies and the development of new banking products are adding twists to the ways in which banks interact with existing and potential customers.
Arab Banker asked Charlotte Wilson, a legal director at Mishcon de Reya, to explain how the interface between regulators, banks and customers is changing, and we asked Charlotte’s colleague Tom Grogan, who leads Mishcon’s technology consulting business MDRxTECH, to give us an example of good regulatory practice from the Middle East.
Read the full interview here.