On Tuesday in London, Alacra and our content partner CounterpartyLink hosted a breakfast meeting called Eggs, Bacon and Regulation. Chris Skinner, chairman of the Financial Services Club was the speaker and the discussion covered many of the pressing issues in European financial institution regulation. A number of interesting topics were discussed:
- All of Shakespeare’s plays total 800,000 words. FATCA legislation weighs in at 900,000 words. How is it possible or feasible for a bank to fully comply with all aspects of FATCA when it is this big and complex?
- Retail banking terms and conditions for a new account are typically longer than the entire book Animal Farm. Regulations are driving bank behavior to mis-align with younger customers who want to “click and go.”
- Digital identities are an emerging trend that will be playing out over the next 10 years and will have a significant impact on KYC.
- Last year, HSBC (and just this week JP Morgan) dropped diplomatic clients because they are politically exposed. This was due to the cost burden of managing these accounts outweighing the financial benefit of having these clients.
This was a terrific event with over 40 executive attendees from large UK financial institutions and the oil and gas industry. We plan to do another soon; if you’re interested in attending please send an email to firstname.lastname@example.org.