Regulatory Wrap for the Year 2023: Compliance Insights & 2024 Predictions

In this Regulatory Wrap, we take a look back at compliance developments over 2023, and look ahead at what the future holds for compliance in 2024.

15 December 2023 2 mins read
by Jennie Clarke

In Regulatory Wrap of the Year:

In this festive edition of Regulatory Wrap, we take a look at the year that’s been, as well as what’s to come in 2024. In 2023, we saw the compliant comms crisis cross the pond to meet the attention of regulators in the U.K.. As well as mounting regulatory fines for off-channel comms, we saw a swathe of new Rules, cementing recordkeeping and surveillance as a key regulatory focus the world over. As we move into 2024, we take a look at what an election year could mean for the future of both regulators and compliance teams.

Highlights:

1. Off-channel communications continued to top the regulatory enforcement charts, resulting in many firms taking strong punitive action against employees that don’t comply

2. UK regulators including the Prudential Regulation Authority (PRA) and Ofgem have issued enforcement action for recordkeeping failures

3. Regulators across the globe have published myriad regulations to enhance recordkeeping and surveillance requirements

4. Looking to 2024, we expect to see the focus around conduct and culture persist – if not get bigger – employee monitoring will be key

5. 2024 will also be an election year, we ask how this could change the face of financial regulation and compliance

This Regulatory Wrap of the Year is brought to you by Global Relay’s Director of Regulatory Intelligence, Rob Mason and Head of Content, Jennie Clarke.

Whether you’re worried about past enforcements or emerging compliance trends, Global Relay has a suite of tools to ensure your business communications are compliant.