A decade ago, “silent cyber” forced the market to confront unintended, unpriced coverage lurking among traditional policy lines. The same dynamic is now playing out with artificial intelligence, and it is accelerating faster than policy language, underwriting questionnaires or claims protocols can adapt. The result is a growing category of “silent AI” exposure, being AI-related
Financial services: Regulation tomorrow
Tracks financial services regulatory developments and provides insight and commentary
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APRA’s latest System Risk Outlook
On 21 May 2026, the Australian Prudential Regulation Authority (APRA) issued the latest edition of its System Risk Outlook report.
The System Risk Outlook report provides an overview of risks and vulnerabilities affecting the financial system from the perspective of Australia’s financial safety regulator.
Highlights include:
- Australia’s financial system is resilient and well-positioned to support
…
London Investigations Horizon Scan May 2026
Introduction
The UK investigations and enforcement landscape continues to shift.
The Crime and Policing Act 2026, which received Royal Assent on 29 April, includes a significant expansion of corporate criminal liability, extending the senior manager attribution test to all criminal offences – a development with potentially far-reaching implications for businesses.
It is a time of…
FCA publishes Cyber Co-Ordination Group insights
On 24 April 2026, the Financial Conduct Authority (FCA) published a summary of discussions held throughout 2025 with industry members of its Cyber Coordination Group (CCG) programme.
Background
The FCA set out that its CCG programme brings together up to 140 firms and that members of this group have contributed their insights that reflect what’s…
New briefing note: AI & Privilege: Part one, internal investigations – Key considerations for professional services and financial services firms
The rapid adoption of artificial intelligence (AI), particularly generative AI (GenAI), is transforming how professional services and financial services firms operate. We have published a new briefing note which is the first in a two-part series examining privilege and AI. In Part 1 we set out: (1) a recap on key privilege principles and interaction…
EU Institutions agree Roadmap to achieve “One Europe, one Market” by end of 2027
On 24 April 2026, the Presidents of the European Parliament, Council of the EU and European Commission signed a Joint Declaration committing to achieve the “One Europe, One Market” roadmap.
With the roadmap, which is a political and operational commitment, the European Parliament, the Council, and the Commission commit to achieving One Europe, One Market,…
Financial Services Regulatory ESG updater
3 March – 3 April 2026IntroductionESG is changing the landscape for financial institutions as stakeholders, including investors, increasingly expect them to make their operations more sustainable.Financial services regulators also view ESG as a priority, embedding the principles of climate-related financial risks into their supervisory frameworks and dealing with greenwashing issues.There is limited uniformity in regulation…
Use of AI by asset managers
On 7 April 2026, the AFM published its analysis on the use of AI in the Dutch asset management-sector. The AFM defines the following parties as asset managers: investment firms, fund managers, depositaries, proprietary traders and trading platforms.The AFM states that the deployment of advanced/self-learning algorithms and other AI applications by asset managers is increasing.…
FCA Regulatory Priorities report 2026: Consumer Investments
On 4 March 2026, the Financial Conduct Authority (FCA) published its Regulatory Priorities report for the consumer investments sector.OverviewThe FCA is introducing 9 annual Regulatory Priorities reports to replace its portfolio letters.So far, the FCA has published Regulatory Priorities reports for insurance and consumer investments.Each report outlines the FCA’s priority areas of focus for firms…
Podcast: Global Regulation Tomorrow Plus: AI mini-series – Episode 3 – Agentic AI
In the third episode of our Global Regulation Tomorrow Plus mini-series on artificial intelligence in financial services Professor Peter McBurney and Simon discuss Agentic AI and its opportunities and risks.