Herbert Smith Freehills' Financial Services Regulatory (FSR) team's briefing forecasts continued scrutiny on individuals in senior management positions in 2019, as regulators globally remain under pressure to deliver, and to be seen to deliver, clear enforcement outcomes with deterrent effect.
The briefing, published today, gives a global outlook on this and other major themes and trends expected over the next 12 months.
These themes include the spread of individual accountability regimes to new jurisdictions and the perceived need for regulators to be seen to use these regimes, where they already exist, to good effect. The publication predicts a continued focus from global regulators on competition law within the financial services sector.
Herbert Smith Freehills also highlights renewed and heightened focus on consumer protection, particularly in relation to those customers deemed 'vulnerable'. This is an area where there may be greater enforcement in 2019, as the need for effective and transparent regulatory enforcement remains a topic of heightened public interest globally, in particular, but not only, in Australia following heavy criticism of the regulators from the Financial Services Royal Commission.
Jenny Stainsby, Global Head of FSR, said: "It looks set to be another interesting and challenging 12 months for firms and individuals in the financial services sector. Alongside the never ending stream of regulatory change, at international and national levels, the risk of enforcement comes from many directions in a world where regulators themselves remain under the spotlight.
"This publication draws together the collective thinking of our leading global financial services regulatory practice on themes that we see as at the top of the global regulatory agenda in the next 12 months."
The publication, 'FSR Insights: 2019 Outlook', has been authored by Partners: Jenny Stainsby, Karen Anderson, Andrew Eastwood, Hannah Cassidy, Hywel Jenkins, Ruth Overington, Andrew Procter, William Hallatt, Luke Hastings and Stuart Paterson. They were also assisted by: Of Counsels Natalie Curtis and Géraldine Marteau; Consultant, Annalisa Heger; Senior Associates Jon Ford, Ian Thomas, Vicky Man, Alison Cranney and Mark Pavli; Associates Kenneth Lo, Emily Rumble, Jack Moore, Joe Williams, Howard Chan and Kenneth Lo; Legal Manager Grace Chong; and Professional Support Lawyer Natasha Mir.