2023 Insights: Retail Trading, Offshore Challenges, AI Insights

Dive into retail trading regulations, offshore challenges, and AI insights discussed by experts at Finance Magnates London Summit 2023.

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2023 Insights: A panel of industry experts at the London Summit discussed retail trading regulations, offshore challenges, and the evolving landscape of AI in finance.

Moderated by Remonda Kirketerp-Møller, Founder & CEO at Muinmos, the panel included key participants such as Matt Smith, CEO at SteelEye, Alexander Culley, CEO at C&G Regulatory Solutions, and Matthew Smith, Group CEO at Ec Markets. The dialogue encompassed diverse aspects of retail trading regulations, focusing on the UK, offshore jurisdictions, and global perspectives.

Emphasizing the importance of preventing market manipulation and financial crime, Smith of SteelEye highlighted the assertiveness of the Financial Conduct Authority (FCA) in the UK. The discussion touched on topics such as the new consumer duty, post-Brexit changes, and increased scrutiny by the FCA, with Culley noting shorter notice periods for audits.

The conversation also explored the challenges faced by financial firms relocating to offshore jurisdictions, including concerns about brand reputation and regulatory credibility. Dubai’s emergence as a financial hub and the associated regulatory framework were discussed, along with varying regulatory approaches in different jurisdictions.

2023 Insights: Retail Trading, Offshore Challenges, and AI Impact

Investors raised concerns about the legitimacy of operating from offshore locations like St. Vincent, Mauritius, and Seychelles, focusing on potential regulatory changes. Smith of Ec Markets expressed worries about the regulatory approach of certain offshore locations, emphasizing the need for businesses to have a genuine presence in the jurisdictions where they operate.

In the latter part of the discussion, the panel transitioned to the topic of AI and automation in the financial industry. Smith of SteelEye shared insights into the role of generative AI in regulatory compliance and encouraged intelligent and meaningful deployment of AI tools. Moreover, The conversation concluded with advice from Smith for the audience to educate themselves, learn how to use AI responsibly, and embrace it as a positive tool for change.

The panelists addressed questions about AI’s potential pitfalls, with humorous examples shared by Smith of SteelEye. Culley highlighted a recent discussion paper by the FCA and Bank of England, focusing on the potential framework of accountability principles and concerns about financial crime and biases in AI.

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