Financial Services Risk and Regulation Unravelled Podcast

Episode 85 | Regulatory update: Where are we at the end of 2025?

In this end-of-year episode, David Morrey and Ben Farmer take stock of the evolving regulatory landscape in financial services, exploring the impact of the UK’s “growthy regulator” agenda over the past twelve months.

Key themes include:

• Growth vs Deregulation: The hosts discuss whether regulatory changes have truly promoted growth or simply resulted in procedural tweaks. While some requirements have been simplified, fundamental deregulation remains limited, often requiring statutory changes
• Regulatory Output and Compliance: There’s been a shift from new rules to more thematic reviews and “good and poor practice” articles, which now carry significant weight for compliance teams. Firms are increasingly expected to monitor these outputs and assess their impact
• Supervisory Activity: Although the number of formal Skilled Person reviews has declined, supervisory visits, data requests, and regulatory interactions remain robust. 
• Consumer Duty and Redress: The podcast highlights the ongoing importance of Consumer Duty as a tool for achieving regulatory objectives without introducing new rules. Major consumer redress issues, such as motor finance, continue to dominate headlines, while firm-specific redress remains active
• Encouraging Productive Investment: A notable trend is the regulatory push to encourage individuals to move savings into productive investments, with new consultations on targeted support aiming to make this process easier for both firms and consumers
• Looking Ahead: The hosts preview what might be expected in 2026, promising continued updates and recommending the Grant Thornton regulatory handbook for those seeking further guidance

 

Financial Services UK | Regulatory Handbook 2025
An essential guide to the regulatory landscape for financial services 
Download now

Episode 84 | Regulatory update: Safeguarding, consolidation and FCA’s expanding remit

Join hosts David Morrey and Ben Farmer as they break down the latest regulatory developments and what they mean for firms and professionals navigating compliance, risk and operational change.

Explore new safeguarding rules for payment and e-money firms, the impact of wealth management consolidation, and the FCA’s growing role in ESG and anti-money laundering oversight.

In this episode:

FCA’s new safeguarding regime

The introduction of CASS 15 and what the new client money and asset rules mean for payment services and e-money institutions, including timelines and compliance challenges.

Wealth management sector consolidation

Key findings from the FCA’s Thematic Review, with a focus on conduct, financial resilience, and the impact of leveraged buyouts on regulated businesses.

Contracts for Difference (CFD) sector scrutiny

Regulatory warnings about client categorisation, 'finfluencers', and the treatment of vulnerable customers, plus a look at recent thematic reviews on price and value outcomes.

Expanding FCA responsibilities

The regulator’s new powers over ESG ratings providers and proposed changes to the UK’s anti-money laundering supervision framework – and what this means for professional services.

PRA policy updates

The increase in the depositor protection limit, reforms to remuneration rules for banks and investment firms, and the implications for risk and reward in the sector.

Motor finance redress consultation

An update on the ongoing consultation, industry feedback, and what to expect as the FCA prepares to publish final rules.

 

Financial Services UK | Regulatory Handbook 2025
An essential guide to the regulatory landscape for financial services 
Download now

Episode 83 | Regulatory update: Motor finance redress

In this episode, David Morrey and Ben Farmer dive into latest developments on motor finance compensation claims, including the Financial Conduct Authority’s (FCA):

• new awareness campaign
• regulatory actions against misleading advertising by claims management companies (CMCs)
• details of the proposed redress scheme for motor finance agreements dating back to 2007.

Listen to unpack the scheme’s opt-in process, eligibility criteria, potential legal challenges, and the broader implications for firms and consumers. 

David and Ben also touch on the FCA's consultation on fund tokenisation, the move to T+1 settlement for investment instruments, and recent survey findings on industry satisfaction. 

The episode wraps with updates on regulatory reporting changes and a look ahead to what’s next in the world of financial services regulation.

 

Discover more on the FCA consultation and industry implications following motor finance redress scheme, Motor Finance Redress Scheme: FCA Consultation and Industry Implications | Grant Thornton 

Episode 82 | In conversation with the Lord Mayor

In this episode, Alex Ellerton, Head of Financial Services, and Sarah Bell, Partner, are joined by The Rt Hon. Lord Mayor of London, Alastair King, for a wide-ranging discussion on how financial services can drive the UK's economic growth. They unpack the opportunities and challenges facing the sector—from regulatory shifts to innovation and investment.

The conversation covers:

• economic outlook
• Leeds Reforms
• 'regulate for growth'
• healthy tensions and collaboration
• the Autumn Budget
• international investment
• innovation in financial services.

Listen for analysis of everything that's happening across the industry. 

For more insight and guidance, get in touch with Alex Ellerton or Sarah Bell. 

Episode 81 | Regulatory update: Regulation, redress and growth

In this episode, David Morrey and Ben Farmer unpack the latest regulatory developments in UK financial services. 

They discuss the FCA's campaign on motor finance compensation, the recent insurance sector redress payments, and a major consumer rights super-complaint. 

The conversation also explores new consultations from the regulator, including cryptoassets and payments, and its push for growth and productivity. 

 

Episode 80 | Clarity, Confidence, and the Future of UK Payments

Innovation is shaping the future of the payments industry, and the Financial Conduct Authority (FCA) is keen to ensure it heads in the right direction. 

In this episode, host Paul Staples is joined by Paul Olukoya, Managing Director, Alison Kopra, Director, and guest Robert Courtneidge, Policy Advisor at The Payments Association.

They discuss the latest trends in digital money, the regulatory challenges of stablecoins, the effectiveness of authorised push payment (APP) fraud reimbursement, and safeguarding customer funds.

Episode 79 | Regulatory update: Motor finance, crypto ETNs, and enforcement actions

In this episode, David Morrey and Ben Farmer unpack the Supreme Court judgement on motor finance commissions and its far-reaching implications for lenders, dealers and consumers, alongside the FCA’s proposed redress scheme.

They discuss recent FCA rule changes – from buy now pay later regulation to the reversal of the ban on crypto exchange-traded notes (ETNs) – and reflect on thematic reviews covering digital journeys, premium finance, and insurance claims.

The conversation also brings up enforcement actions against major firms, offering insights into regulatory accountability and the skilled person panel. Plus, a look at trends in FCA Handbook usage reveals where firms are focusing their compliance efforts.  

Episode 78 | Regulatory update: Expanding accountability and evolving boundaries

In this episode David Morrey and Ben Farmer discuss the Financial Conduct Authority's (FCA) new rules on tackling non-financial misconduct. The rules, which previously only applied to banks, will be extended to 37,000 non-bank financial service firms from September 2026. 

The conversation covers:

• CP24/27: advice guidance boundary review from the FCA – the implications and long-term risks of targeted support for firms and the role of the Financial Ombudsman Service (FOS)
• DP25/2: the FCA's mortgage rule review and rebalancing risk appetite in the market
• CP25/19: ancillary activities test and chapter 6 systematic internalises from the FCA, which aim to dilute MiFID II rules
• the FCA's payments Consumer Duty multi-firm review, highlighting criticisms similar to those faced by insurance and investment firms
• the FOS's annual complaints data and insights 2024/2025
• the FCA's whistleblowing data
• buy now pay later regulation – how the FCA is cracking down on non-financial misconduct. 

Episode 77 | Leeds Reforms – Regulating for growth in financial services

The Government launched its Financial Services Growth and Competitiveness Strategy, the sector-specific paper to support the broader Industrial Strategy and drive economic development across the UK. Aligning with the Chancellor’s annual Mansion House speech, the Government also launched the Leeds Reforms to simplify the regulatory landscape and catapult the strategy into action.

In this episode David Morrey and Ben Farmer highlight the key takeaways for financial service firms and outline how the Government will be supporting the sector. 

Episode 76 | Regulatory Update: Complaints, credit and conduct

Tune in for the latest regulatory developments shaping the UK financial services landscape and what these mean for you.

In this episode, David Morrey and Ben Farmer examine the FCA’s proposals to simplify complaints reporting, including the removal of group-level submissions and the introduction of standardised six-monthly intervals.

They also talk about the FCA’s review of the Register, updates to value assessments for authorised fund managers, and the final rules for trading unlisted securities under the new Private Intermittent Securities and Capital Exchange System (PISCES) regime.

You'll also hear about:

• the Government's plans to regulate Buy Now, Pay Later products
• phase one of the Consumer Credit Act reform
• FCA considerations for a motor finance redress scheme
• updates to the FCA’s enforcement guide
• PRA’s consultation on Pillar 2A for banks
• the Financial Ombudsman’s proposal to revise the 8% statutory interest rate
• global enforcement trends targeting financial influencers.