GRC Report Staff

Legal Challenges to the Scope of Motor Finance Redress Schemes

This update details a legal challenge by Mercedes-Benz Financial Services regarding the Financial Conduct Authority's (FCA) authority to implement redress schemes for motor finance contracts predating April 1, 2014. It highlights significant risks for compliance teams who must ensure that internal redress programs are grounded in strict statutory interpretations to avoid being quashed as legally invalid.

Analysis of Pandemic Rent Trends and Housing Affordability Impacts

This report analyzes how the shift toward remote work during the pandemic triggered a migration to lower-density areas, causing significant rent spikes in those regions. For compliance teams, this provides critical data for monitoring consumer risk and potential delinquency trends within mortgage and personal lending portfolios.

Legal Challenge to the Scope of Financial Conduct Authority Consumer Redress Schemes

This legal proceeding involves a challenge by several financial institutions against the Financial Conduct Authority (FCA) regarding its authority to implement certain consumer redress schemes. The core issue is whether the FCA exceeded its statutory powers by creating "hybrid" remedies and applying those rules to credit agreements entered into before April 1, 2014.

AUSTRAC Sets Out Five Habits for Stronger AML Compliance

AUSTRAC has reduced good anti-money laundering compliance to five pieces of advice, and none of them is particularly exotic. Know which obligations apply to the business. Keep the regulator informed when basic company details change. Revisit the risks as the business changes. Make sure reports contain information somebody can actually use. Keep records good enough to explain the decisions made along the way.

Croatian Privacy Regulator Fines Gambling Operator €2.59 Million Over Fingerprint Collection

A gambling operator in Croatia offered its casino customers a shortcut. Instead of producing an identity card on every visit, players could use an RFID chip or their fingerprints to identify themselves more quickly. For 34,933 players, consent to biometric processing was recorded. But when Croatia’s Personal Data Protection Agency examined how that system actually worked, it found that the operator was collecting more than it said it was collecting.

FCA Policy Sprint Exploring Open Finance Opportunities in the Mortgage Sector

The Financial Conduct Authority (FCA) is exploring how open finance can streamline mortgage journeys by enabling more effective data sharing across multiple organizations. For compliance teams, this indicates an upcoming shift toward standardized infrastructure and enhanced accountability requirements for cross-institution data exchange.

FASB Proposes Update to U.S. GAAP Financial Reporting Taxonomy for Cash Equivalents

The SEC has announced a proposed update to the U.S. GAAP Financial Reporting Taxonomy specifically addressing cash equivalents and digital assets. This is critical for compliance teams as it affects how financial institutions must structure XBRL-tagged data in their mandatory regulatory filings.