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Leadership / Digital Transformation

FCA bans use of personal devices across UK financial services

Employees working within the UK financial services are being prohibited from using their own devices for work or external communication after the FCA inverted a MIFID II rule.

The arrival of MIFID II was intended to enforce a banning of the bring your own device (BYOD) rule within investment firms only, but the FCA action has given the rule a much wider reach.

As reported by The Register, the BYOD ban was widely unanticipated across the financial services, leaving organisations with plans intended to comply with a MIFID II that allowed for the use of personal devices.

FCA bans use of personal devices across UK financial services

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MIFID II has been brought into action at the beginning of 2018 with the intention to increase transparency within the financial markets. The legislation has also been geared up to reduce the cost market data and maintaining good market behaviour.

The UK has opted to act on the newly arrived legislation, despite plans to leave the European Union. With 2019 outlines as the point at which Brexit will officially take place, compliance will be required as outlined at least until that point.

This article is from the CBROnline archive: some formatting and images may not be present.