Corylated – Détails, épisodes et analyse

In this first episode of Corylated, founding editors Rachel Wolcott and Lindsey Rogerson discuss how the global political clamor for deregulation is manifesting on the ground in the United States, Europe and the United Kingdom. They discuss how compliance officers need to dial back the noise and stay focused on what rules their firms need to comply with. And go on to discuss the voices emerging to question if deregulation really will lead to economic growth.

Links:

The White House executive order on crypto

Financial Conduct Authority application to Supreme Court to intervene in motor finance case

House of Lords Financial Services Regulation Committee inquiry into secondary competitiveness and growth objective  

Articles for further reference:

FINRAʼs outlook sees tech threat, tech promise - Compliance Corylated

US debanking laws, politics complicate financial crime compliance –

Corylated

US Attorney General disbands DOJ’s kleptocracy task force, curtails AML and corruption work - Compliance Corylated

The CMU is dead, long live the SIU! - Compliance Corylated

FCA publishes request to intervene in Supreme Court case, defends action over motor finance - Compliance Corylated

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https://www.compliancecorylated.com/this-week-corylated/

Welcome to 'Corylated', the podcast for compliance and risk aficionados. Rachel Woolcott and Lindsey Rogerson dive deep into the ever-evolving world of regulation and compliance. Unveiling trends, providing expert insights, and building a vibrant community, each episode is your gateway to mastering the historical context and current shifts in regulatory landscapes.

Tune in, stay informed, and enjoy the some of the trusty guidance we promise to deliver!

In this episode, Lindsey Rogerson unpacks the details of the potential claims facing UK motor finance lenders. Lloyds Banking Group the UK’s biggest motor finance lender just upped its provisioning to almost £1.2 billion. And they are not happy about it. The problem arises from the Financial Conduct Authority (FCA) 2021 ban on discretionary commission arrangements or DCAs. These were hidden commissions that incentivized car salespeople to achieve a higher interest rate in turn for a bigger commission. The issue here was no one declared this DCA feature to customers. Once the ban was in place, complaints and claims flooded in, which banks promptly rejected causing consumers to pivot to the Financial Ombudsman Service, which was quickly overwhelmed.

The banks argue they followed the rules. The FCA says despite the ban only applying in 2021, firms shouldn’t have offered DCAs because they breached the FCA principles and consumer lending rules. It’s not clear cut though. There appears to be a disconnect between case law and regulation that may be addressed in a Supreme Court case coming up next month.

Links

FCA most recent (December 19) update for firms on Motor Finance 

FCA announced investigation into historic sales of motor finance involving discretionary commission arrangements (DCA) and a pause in complaints handling

Recording of the February 2024 FCA webinar on its DCA investigation

FCA March 2019 report on commission in motor finance sales 

FCA good and poor outcomes on price and value under the Consumer Duty

Decision in the Barclays judicial review of the Financial Ombudsman Service

FCA application to intervene in Supreme Court

FCA publishes request to intervene in Supreme Court case, defends action over motor finance article

Barclays loses judicial review of motor finance case, ombudsman considering next steps article

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In this episode, Lindsey Rogerson and Rachel Wolcott talk about International Women’s Day 30 years on and how diversity, equity and inclusion (DEI) conversations have changed as a younger generation (well, younger than us!) come into the workplace. 

This year Lindsey found women at a fintech event in London to be optimistic about work and their place at work. She tells us about trends like silent meetings (sounds delightful!) and what young women have to say about mentorship and maternity leave.

Rachel meets some women in Canary Wharf and talks about the state of DEI in the United States. It’s a hot potato, but listen in to find out how Jamie Dimon, JP Morgan Chase’s chief executive is standing up for DEI programs at his firm.

Links:

EU regulators accelerate DEI

UK take on DEI backlash

State Street loses £28 billion pension mandate

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www.compliancecorylated.com 

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Financial services deregulation has become a global theme. At a time when policy makers and regulators are seeking to slim down rulebooks governing financial services, Rachel Wolcott speaks to Diana Henriques, author of Taming the Street: The Old Guard, the New Deal, and FDR’s Fight to Regulate American Capitalism.

Diana’s 2023 book dramatizes the birth of the US Securities and Exchange Commission (SEC) in the aftermath of the 1929 stock market crash. How much has conduct and culture moved on from the Wall Street of the New Deal? What can we learn about the early days of financial regulation as lawmakers and regulators seek to unpick rules? A lot, as it turns out. Diana and Rachel discuss…

About Diana

Diana is a prize-winning journalist and the author of five other books on financial history. Her New York Times bestseller The Wizard of Lies was adapted as a 2017 HBO film starring Robert De Niro as con man Bernie Madoff - with Diana playing herself. She also was featured in the Netflix global hit series “Madoff: The Monster of Wall Street.” She retired in 2012 after nearly 25 years at The New York Times, where she was a finalist for a Pulitzer Prize and won a George Polk Award for her 2004 series on financial rip-offs of military consumers.

Links

www.dianabhenriques.com

US debanking laws, politics complicate financial crime compliance - Compliance

Corylated

Cryptos sound alarm on meme coins, but SEC unlikely to regulate - Compliance

Corylated

Project 2025’s planned bonfire of the regulators ignites uncertainty - Compliance

Corylated

Contact us!

editorial@corylated.com

www.compliancecorylated.com

LinkedIn

www.corlytics.com

Newsletter signup https://www.compliancecorylated.com/this-week-corylated/

UK financial services firms are still falling short when it comes to their vulnerable customers. The Financial Conduct Authority (FCA) explored the issue in its March review, highlighting that the financial services industry is still not doing enough. To unpack the challenge, Niece Prayoonrat, a reporter at Corylated, speaks to Howard Taylor, a director at PwC’s Risk and Compliance Transformation Consulting practice. 

Howard participated in the FCA’s panel launching its most recent work on vulnerability and has advocated for a needs-led and customer-focused approach to vulnerable customers. He also offers valuable insights as a wheelchair user. 

In this episode, Niece and Howard discuss how organisations and regulators can better serve those who are sometimes left behind. Howard addresses how product and business teams can design products with vulnerable customers in mind, whether a one-size-fits-all approach might actually be harmful, and the overarching vision from current government workstreams. 

Links:

Banks fail vulnerable customers; most UK adults reluctant to disclose status 

UK elderly fraud victims lose £4,000 per scam, research says 

Smart data central to next evolution in banking services 

Delivering good outcomes for customers in vulnerable circumstances – good practice and areas for improvement (UK Financial Conduct Authority) 

Contact us 

editorial@corylated.com 

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In this episode Lindsey Rogerson and Rachel Wolcott begin by discussing why the UK is such a hotbed for fraud and go onto consider the recent drop in authorised push payment (APP) fraud in the UK following the introduction of mandatory reimbursement in October 2024.  

The conversation then moves onto the European Payments Services Directive (PSD3) and how it is being updated in an effort to clampdown on the use of virtual IBANs by fraudsters. The lack of user-friendliness of fraud warning lists issued by European and global regulators is then discussed alongside the Financial Conduct Authority's Register.  

Rachel and Lindsey highlight instances where the Register has been part of the problem in amplifying the “halo” effect of an FCA authorisation before wrapping up the conversation with a look at how fraud is increasingly perpetrated by international criminal gangs and what the UK’s hotly anticipated UK Fraud Strategy might include.  

We’re taking a break and will be back in June with more Corylated. In the meantime, please like, subscribe and leave a 5-star review! Thanks for listening!  

Links: 

Payment Systems Regulator 2024 APP reimbursement data: APP fraud performance data | Payment Systems Regulator 

BBC Panorama episode on Blackmore Bond: https://www.bbc.co.uk/programmes/m001b7jh  

UK could revoke trade and aid in fight against online fraud - Compliance Corylated 

UK elderly fraud victims lose £4,000 per scam, research says - Compliance Corylated 

UK lost $33.2bn to frauds and scams in 2024 - most in EU  

Zelle mentions on Facebook ads ‘correlatedʼ to scams, Meta says   - Compliance Corylated 

PSR shares early findings from APP fraud repay scheme  

In this episode Rachel Wolcott and Lindsey Rogerson discuss the state of play with various sanctions regimes. Following Russia’s invasion of Ukraine in 2022, the United States, European Union, United Kingdom and others imposed sanctions and Russian sanctions are still the big story as the war passed its third anniversary in February. 

The return of Donald Trump to the White House caused initial uncertainty, but this month saw the US renew its Russian sanctions package. The discussion looks at how the US, UK and EU have evolved their Russian sanctions, including a close look at two cases in the UK –involving respectively Dmitriii Ovsiannikov and Mikhail Fridman – to gauge how sanctions enforcement is working. 

The conversation then moves on to consider how sanctions are increasingly being intermingled with tariffs and other trade barriers, examining both the US action against Canada and Mexico over fentanyl trafficking and China’s recent update to its anti-foreign sanctions law. And covers where compliance teams can turn for guidance when navigating the sanctions quagmire. 

Please take a minute to rate this podcast! Your support is appreciated.

Links:

Firms failing to grasp domestic payments’ sanctions risk: https://www.compliancecorylated.com/news/firms-failing-to-grasp-domestic-payments-sanctions-risk/

Sanctions complexity, tough US trade policy boosts risk for fund managers

https://www.compliancecorylated.com/news/sanctions-complexity-us-trade-policy-risk-fund-managers/

Evolving UK people smuggling policy requires new approach from financial crime teams

https://www.compliancecorylated.com/news/evolving-uk-people-smuggling-policy-requires-new-approach-from-financial-crime-teams/

NCA press release on Dmitriii Ovsiannikov https://www.nationalcrimeagency.gov.uk/news/nca-secures-first-convictions-for-breach-of-uk-sanctions#:~:text=Dmitrii%20Ovsiannikov%2C%20the%20former%20Russia,breaching%20the%20UK's%20Russia%20sanctions.

OFSI fine of Herbert Smith Freehills https://ofsi.blog.gov.uk/2025/04/04/hsf-moscow-penalty-key-lessons-for-industry/

US renews Russia sanctions https://www.govinfo.gov/content/pkg/FR-2025-04-14/pdf/2025-06399.pdf  

US lifts sanctions on Karina Rotenberg https://www.occrp.org/en/news/us-lifts-sanctions-on-wife-of-russian-oligarch-boris-rotenberg 

US removes sanctions on Tornado cash https://ofac.treasury.gov/recent-actions/20250402  

In this episode Rachel Wolcott and Lindsey Rogerson discuss the timely arrival of the European Union’s Digital Operational Resilience Act (DORA) and the requirement for UK financial institutions to identify their critical third party suppliers.

The Crowdstrike event last summer highlighted the risk of third party suppliers. The need for such DORA/UK work was furthered underscored in letters sent to the UK parliament’s Treasury Committee in February by the country’s nine largest banks. The breakdown of the cause of every bank outage in the last two year is illuminating – issues at third party suppliers accounted for 24 out of a total 120 outages.

The discussion then turns to what lessons can be learned by compliance and risk teams and also considers how current geopolitical tensions could make things a whole lot worse.

Links:

FCA Crowdstrike lessons learned 

Which? Report on CrowdStrike incident 

Trump’s National Security Firings Come as He Weakens U.S. Cyberdefenses - The New York Times

UK Cyber security and resilience Bill update 

UK’s largest banks paid customers £6.2 million after IT outages

Risk managers under-rate third-party vendors’ GenAI use - Compliance Corylated

EU must exempt firms from DORA’s ICT definitions - Compliance Corylated

Banks need active social media response to viral ‘free money’ posts

https://committees.parliament.uk/committee/158/treasury-committee/publications/3/correspondence/

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD767.pdf

In this episode, Lindsey Rogerson is joined by Elizabeth Lumley to discuss what is happening with open banking and open finance in the UK, EU and elsewhere. The UK used to be a global leader in open banking but with even the chief executive of the Financial Conduct Authority (FCA) saying recently that the country is falling behind the likes of Brazil and India we take a look at what can be done to course correct.  

We discuss what went wrong and what is needed, from government, regulators and incumbent banks to get things moving again and what we could learn from India and Brazil in particular.

The discussion then turns to how regulators can better nurture the start-up and be more sympathetic to requests to explain what and how regulation will impact their businesses. And why every start-up needs a good lawyer. 

Links

Open banking’s promise has yet to deliver

The Centre for Finance, Innovation and Technology’s blueprint for open finance

HM Treasury list of promises from Financial Conduct Authority