Afleveringen
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In this episode, we delve into the powerful role social media plays in amplifying and accelerating financial risks. We revisit the 2023 collapse of Silicon Valley Bank, a prime example of a social media fuelled bank run where $40 billion fled in hours after online doubt spread. Experts and regulators, including Janet Yellen, have highlighted how social media can endanger banks through rapid deposit flight.
We also explore how social media amplifies sows distrust in regulators, auditors and the justice system. The episode touches on how strategic leaks and rumours surrounding mergers and acquisitions amplified online.
The rise of finfluencers and their impact on investment decisions, particularly for Gen Z, is also examined. Regulatory bodies like the US SEC and UK FCA are actively addressing unauthorised financial promotions by these social media figures. Finally, we discuss the alarming statistic that 80% of financial fraud in the UK originates on social media, underscoring the urgent need for proactive measures and the implications of the UK’s Online Safety Act.
Links:
Compliance Corylated, LinkedIN, Corlytics
https://www.compliancecorylated.com/news/risk-managers-should-adapt-their-toolkits-for-social-media-shocks/
https://www.compliancecorylated.com/news/banks-need-active-social-media-response-to-viral-free-money%ca%bc-posts-misinformation/
https://www.compliancecorylated.com/news/meta%ca%bcs-focus-on-high-severity%ca%bc-violations-will-not-stop-organised-crime/
https://www.compliancecorylated.com/news/children-targeted-by-social-media-recruitment-ads-for-money-mules-financial-exploitation-linked-to-other-harms/
Wall Street Journal Report on Silicon Valley Bank: https://www.youtube.com/watch?v=QACGoKb48_0
US FDIC report on the Silicon Valley Bank Twitter bank run: https://www.fdic.gov/analysis/cfr/bank-research-conference/annual-22nd/presentations/cookson-presentation.pdf
Cambridge Disinformation Summit 2025: https://www.jbs.cam.ac.uk/events/cambridge-disinformation-summit-2025/4
Jagolinzer's keynote speech on systemic risks of information pollution: https://www.linkedin.com/pulse/keynote-speech-systemic-risks-information-pollution-alan-jagolinzer-lqole/?trackingId=P0p87Z1DTIW6EsgTFnfr2w%3D%3D5
FCA Primary Market...
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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.corlytics.com
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Zijn er afleveringen die ontbreken?
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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
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www.corlytics.com
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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
Contact us!
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www.corlytics.com
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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/
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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!
