2023 was an eventful year for digital communications governance. Hundreds of millions in additional fines were imposed in the US, with the regulatory focus expanding from banks to include broker-dealers, investment advisers and credit rating agencies. The US wasn’t alone, with the UK Prudential Regulation Authority sanctioning Wyelands Bank and Ofgem fining Morgan Stanley, both for communications compliance failings.
Our crystal ball for 2023 was remarkably accurate, with unified communication and collaboration (UCC – such as Zoom, Webex, Teams) tools cementing their position in the fabric of the modern workplace, communications compliance becoming a board-level priority, and the recordkeeping fines imposed expanding beyond US banks.
For 2024, Theta Lake has again looked into its crystal ball and considered its exclusive industry and regulatory insights to predict what financial services firms can expect in the coming year.
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