Financial Services Risk and Regulation Unravelled Podcast

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.

Episode 75 | Regulatory Update: FCA begins rule simplification in insurance and mortgage markets

The Financial Conduct Authority (FCA) plans to strip outdated or duplicated requirements from its insurance rule book.

In this episode of the podcast David Morrey, Partner, Head of Investment Management, and Ben Farmer, Senior Manager, review what this means for firms.

The conversation also covers: 

• mortgage rule simplification
• pooled funds and consumer credit regulatory returns
• FCA's thematic review on small asset managers and alternative managers
• FCA's engagement paper on AI live testing
• regulation of crypto assets.

Episode 74 | Regulatory Update : 5 year Financial Conduct Authority Strategy

The Financial Conduct Authority (FCA) has published its 5-Year Strategy (2025 – 2030). In this episode David Morrey, Partner, Head of Investment Management, and Ben Farmer, Senior Manager, review its core focus areas:

• Reducing and preventing serious harm
• Setting and testing higher standards
• Promoting competition and positive change     

In addition to the strategy, they also discuss the FCA's other priorities, and explain what they mean for businesses in the future.

Read our insight to uncover that the FCA's business strategy for 2025 - 20230 means for firms - A new strategy for 2025 - 2030

 

Note: The FCA’s Regulatory Initiatives Grid 2025 was released after the recording of this podcast.

Episode 73: Regulatory update - from deregulation trends to consumer protection

Join David Morrey and Ben Farmer as they explore the latest regulatory developments and their impact on the financial services industry.

 

In this episode, they discuss:

• Regulatory Changes & Updates: The FCA’s decision not to proceed with certain proposals, including diversity and inclusion rules, enforcement disclosure changes, and the sustainability disclosure regime for delegated portfolio managers.
• Consumer Support & Vulnerability: Insights into good and poor practices in consumer support and vulnerability.
• Ongoing Advice & Remediation: A deep dive into the FCA’s guidance on ongoing advice.
• Motor Finance Redress: Updates on the potential industry-wide redress scheme for motor finance, pending the Supreme Court decision.
• Consultation Papers & Policy Statements: A look at recent FCA consultation papers and policy statements.

 

Listen now for expert insights and practical takeaways on these key regulatory developments.

Episode 72: Financial Services challenges and trends

The financial services industry will continue to evolve throughout 2025. It’s important to look beyond individual compliance requirements and consider the broader themes driving these policy shifts — from government initiatives and socio-political factors to reactive responses to emerging consumer issues.

 

In this episode, Head of Financial Services, Alex Ellerton, is joined by Paul Garbutt (Partner, Head of Banking and Capital Markets), Rob Benson (Partner, Head of Insurance), and David Morrey (Partner, Head of Investment Management) to explore the key trends and challenges impacting financial services and its various sectors.

The conversation covers:

• Regulatory environment
• Technology and innovation
• Macroeconomics and market trends
• M&A and consolidation
• And more

 

Episode 71: Regulatory update - green shoots of growth

David Morrey and Ben Farmer discuss the responses from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on adapting to the Treasury's prioritisation of growth. 

They also discuss the FCA's thematic review of wholesale brokers' anti-money laundering initiatives and the implications of its controversial email retention policy, as well as the ongoing Supreme Court case involving finance providers, the FCA and Markos Markou, and more.

Episode 70: Regulatory update - What should we expect in 2025?

David Morrey and Ben Farmer discuss the regulatory issues that they expect will have a significant impact on the financial services sector in 2025, including motor finance remediation and the future of the FCA Handbook.

 

They also ask what the growth agenda (and the Chancellor’s Christmas challenge to each regulator) will mean in practice.

Episode 69: Regulatory update – where are we at the end of 2024?

In our final episode of the year, David Morrey and Ben Farmer discuss the latest updates on the motor finance saga, where the Supreme Court has expedited an appeal involving Close Brothers, and the FCA's involvement in urging a swift resolution.

The conversation also covers other topics related to this regulator:

• Consumer Duty feedback, and review of it in annual reports
• Insight on complaints and root cause analysis
• Consultation on the 'name and shame' rules
• Changes around MiFID in the FCA handbook

Other topics include reporting requirements for life insurers, advice guidance boundary review, and the Barclays fine settlement related to the Qatari investment disclosure case. 

Read more about these updates 

Leave to appeal motor finance to Supreme Court, FCA open letter Letter to Supreme Court: support for application for expedition - Enforcement update https://www.fca.org.uk/news/press-releases/fca-seeks-further-views-enforcement-transparency-proposals

2024-2025 priorities for Consumer Duty https://www.fca.org.uk/publications/corporate-documents/our-consumer-duty-focus-areas 

The FCA on the Consumer Duty in board reports

https://www.fca.org.uk/publications/good-and-poor-practice/consumer-duty-board-reports-good-practice-and-areas-improvementComplaints root cause analysis and areas for improvement

https://www.fca.org.uk/publications/good-and-poor-practice/complaints-and-root-cause-analysis-good-practice-and-areas-improvementCP24/24 MIFID Ord Regulation

https://www.fca.org.uk/publications/consultation-papers/cp24-24-mifid-organisational-regulation PRA CP on liquidity reporting for insurance

https://www.bankofengland.co.uk/news/2024/december/the-pra-consults-on-liquidity-reporting-reforms-for-insurersCP 24/27 advice guidance boundary https://www.fca.org.uk/publications/consultation-papers/cp24-27-advice-guidance-boundary-review-targeted-support-reforms-pensions