The Mills Review: What Banks Need to Know Now
The U.K. Financial Conduct Authority’s Mills Review paints a comprehensive picture of a retail financial services market that, by 2030, could see AI agents transacting on behalf of consumers, with the human role reduced to monitoring. Sebastian Barling, host of “The Capital Ratio,” and colleague Deborah Kirk discuss what this means for firms today — from the review's five-level autonomy spectrum and key recommendations to the adequacy of consumer duty and the Senior Managers Regime, infrastructure readiness and the systemic risks of AI concentration.
The FCA's 2026 Regulatory Priorities
In this episode of “The Capital Ratio,” host Sebastian Barling is joined by colleague Connor Williamson to discuss the U.K. Financial Conduct Authority's (FCA’s) 2026 regulatory priorities, with a focus on the impact on the wholesale markets. During the episode, the pair assess the FCA’s priorities and key impacts on U.K. financial institutions, including with regard to consumer duty, artificial intelligence, fraud, financial crime, operational resilience and the senior managers certification regime, as well as other relevant topics.
Regulatory Shifts and Technological Advances: What’s Next for Global Financial Markets?
Join “The Capital Ratio” as U.K. and EU financial institutions regulatory head Sebastian Barling sits down with Chris Rich, general counsel of the Financial Market Standards Board (FMSB), to discuss the FMSB’s in-depth report on the future of financial markets. They explore the four key drivers of change — societal trends, geopolitics, technology and regulation — and how they are reshaping market participation, trade execution, the growth of regional financial hubs and the emergence of new asset classes like stablecoins and cryptocurrencies.
Entering the US Banking Market
When crafting an entry into the U.S. markets, U.K. and European financial institutions need to carefully plan an appropriate strategy. Sebastian Barling, host of “The Capital Ratio” is joined by financial institutions regulatory co-head Mark Chorazak and associate Olivia Merrett to guide companies though the process, including determining the purpose of the U.S. operations, choosing a bank-level regulator and managing their domestic regulators.
Stablecoins: Regulatory Issues for UK and EU Banks To Consider
We are pleased to present “The Capital Ratio,” a new podcast that explores key regulatory topics impacting the banking and financial sector. In our debut episode, we dive into the key regulatory considerations for U.K. and European financial institutions looking at developing their stablecoin offerings. Join host and financial institutions regulatory partner Sebastian Barling, along with colleagues Eva Legler and Wilf Odgers, as they unravel the complex, and rapidly evolving, stablecoin regulatory regime.
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