A Fintech news and event round-up from Bird & Bird's cross practice group Fintech team. Each quarter we feature articles and commentary on a range of issues affecting the Fintech sector with input from specialists across the firm.
This month we take a deep-dive into AI and the impact it will have in the financial services sector plus we take a look at the latest developments since the implementation of the FCA’s Consumer Duty, the JROC’s recommendations for the next phase of open banking and the highly anticipated draft Digital Markets Competition and Consumers Bill.
We also feature a guest article from our colleagues in Dubai from Bird & Bird’s international fintech network.
Bookmark this page for updates from our Fintech team.
After decades of more gradual evolution, AI is having its breakthrough moment. Or should we say “moments” given the sheer number of breakthroughs and innovations being publicised. These breakthroughs have been facilitated by three key factors: greater availability of vast datasets to train AI systems, greater computational power of the underlying computers of these systems including new AI architectures (e.g. transformers) and a wider availability of AI talent and resource.
In May 2022, most of us were unaware of the potential of generative Artificial Intelligence (AI) tools. We’d seen AI generated content in presentations, but they always seemed to recycle the same examples. The overall impression was that AI content generation was hard and expensive.
Much has changed in the short time since then. In June 2022, GitHub launched Co-Pilot, allowing software developers to incorporate AI generated code into their projects.
Open Banking was initially launched in 2017 with the introduction of the Open Banking Implementation Entity (OBIE); the OBIE is overseen by the Competition and Markets Authority (the CMA), in respect of obligations under the CMA’s Retail Banking Market Investigation Order (“Order”), which was established to bring competition into the banking sector. This article will summarise what to expect from the next phase.
The FCA’s latest reflection on fair value frameworks discussing firms’ progress to date is the latest development in a series of steps from the FCA to aid firms with the successful implementation of the Consumer Duty’s outcomes, especially by taking into account the fast approach deadline for the implementation of the consumer duty for open product/services in just over 10 weeks, on 31 July 2023.
Brace yourself: it's finally here! What has been termed by Sarah Cardell as a potential ‘watershed moment’, yesterday (25 April 2023) the draft Digital Markets, Competition and Consumers Bill (“Bill”) was put before parliament (see link to the statement here). The new Bill aims to enhance consumer rights, crack down on subscriptions traps and fake reviews, enhance the CMA’s powers and boost competition in digital markets.
Join Christina Fleming, Gavin Punia and Jonathan Emmanuel and industry experts from GoCardless, IFX Payments and Volt for a panel discussion exploring the latest trends in open banking and potential impact on consumers, businesses, and financial services as a whole.
DLT has progressed rapidly in recent years and the technology is now at the heart of the global digital assets sector. Decentralisation through a democratic operating model has been a core principle of DLT projects, with the lack of a centralised controlling body providing benefits such as insulation from the vested interests of individuals or groups, a reduced risk of censorship, and more value distribution among stakeholders.
On 8 June, Bird & Bird are delighted to be providing a webinar which will help you unlock the potential of generative AI in your organisation by successfully navigating the latest developments and legal aspects of generative AI.
Sep 22 2023
Sep 22 2023