Top 5 employment issues to watch in financial services in 2021

The financial services sector had a busy 2020 for many reasons, and the UK’s 2021/22 financial year promises to bring further developments. In this article, we take a look at the changes expected in banking, finance and asset management.

Related briefings

Legal experts comment on the Queen’s Speech

Today the Queen’s Speech set out the government’s agenda for the next session and its plans to build back better from the pandemic and level-up opportunities across the country. The speech contained reference to more than 30 Bills. Some of the most prominent are commented on here.

What does the post-transition grace period mean for employers?

The Home Office recently updated its guidance in respect of what UK employers should be doing to check whether EEA nationals and their family members have the right to work during the post-transition grace period. Below is a summary of the main updates and how this will impact employers for the next two months.

AI – Commission publishes new legal framework

I wrote last autumn about the European Parliament’s approval of proposals for the regulation of artificial intelligence (AI), and the European Commission has now decisively picked up the legislative baton, publishing its comprehensive framework for an AI Regulation.

Latest Briefings

Reducing conduct risk in LIBOR transition

As we progress through Q2 of 2021, the 6 month countdown for firms to have completed their LIBOR transition programmes in accordance with timetable set out by the Working Group on Sterling Risk Free Reference Rates has commenced. As part of that, some firms are still grappling with many of the technical aspects of the transition to Risk Free Rates (RFRs) with, for instance, clarity still awaited on how the FCA will exercise its powers under the Financial Services Bill. That uncertainty may also have led some to delay the implementation of their communications strategy with their customers.

Safety through bankruptcy?

Claims by segregation creditors are limited overall to the value of the respective security at the time of the confirmation of a restructuring plan. In its current decision 17 Ob 12 / 20v, the Supreme Court thus deviated from its previous case law.

Recommended

Find legal roles

Make your next move with The Lawyer Careers. Search and apply for thousands of vacancies, or receive email alerts for new roles when they go live. Whether you're looking at private practice, in-house legal or an exciting business support role, you'll find your future here.

Search vacancies