Financial Services Risk and Regulation Unravelled Podcast

Episode 26: regulatory update – regulation in the age of uncertainty

How are firms and consumers responding to the fluctuations of the cost-of-living crisis?

A lot has happened over the last few months, and after short breaks in the sun, taking time to ready the new Consumer Duty final rules of course, David Morrey and Gavin Stewart are back to discuss the latest regulatory developments including: the prime minister, the cost-of-living crisis, 'mortgage prisoners', pension schemes, and more, sharing insight on how firms and consumers can prepare for the changes and challenges ahead.

Note: as this podcast was recorded earlier in October, sudden changes in the government means there is reference to Liz Truss temporarily as Prime Minister.

Episode 25: Meeting new operational resilience expectations

The new operational resilience rules have been effective since March 2022, forcing firms to think much more about how they communicate with customers when disruption does occur. Further regulatory developments are expected in the upcoming period to 2025, which will require firms to transition into new requirements. 

In this episode, Irina Velkova is joined by Joanne Johnson, Head of Operational Resilience and End-to-End Controls at Wesleyan, and David Young, Associate Director at Grant Thornton UK LLP, for a conversation around how operational resilience is becoming a priority for firms. 

Episode 24: Consumer Duty - an overhaul of consumer conduct regulation

What changes have been made with the Consumer Duty’s final rules since the FCA’s last consultation? And when are financial services firms expected to start implementing the regulation?

The Financial Conduct Authority (FCA) has published the final rules for its new Consumer Duty. The rules set a higher bar, building on the previous conduct-based initiatives that underpin its expectations – pushing compliance to higher levels, aimed at setting clearer and stronger requirements that firms deliver good outcomes for consumers.

In this latest episode, our regular host Irina Velkova is joined by our Head of Regulation, Alex Ellerton, Partner, asking key questions about the new Duty and what this means for firms across the industry.

Episode 23: regulatory update - changing faces in government and at the FCA

The FCA have appointed a new chair, six new directors, as well as an additional 500 hires. Will these leadership changes, as well as new leadership in government, impact the way regulators operate?

In our latest regulatory update David Morrey and Gavin Stewart discuss the latest developments, including: changes in FCA leadership, the cost-of-living crisis, crypto-regulation, and their summer holiday regulatory reading list - sharing insight on how firms can prepare for the changes ahead.

Episode 22: regulatory update - a response to the inflationary crisis

The new inflation figures have come out and a 40-year record has been set, impacting the cost-of-living crisis once again. As customers are feeling more vulnerable, we're starting to see regulatory moves are being made to relieve the crisis going forward. 

In our latest regulatory update, David Morrey and Gavin Stewart discuss recent developments including: the cost-of-living crisis, Regulatory Initiatives Grid, Buy Now Pay Later, and speeches covering topics of technology innovation, sandboxes and sprints – raising awareness on how firms can prepare for the changes ahead. 

Episode 21 Biodiversity - the opportunity in financial services

Financial services' role in driving climate change action now includes delivering the ESG agenda. Biodiversity is another environmental risk and increasing focus for sustainable investing, and the regulators are likely to increase regulation and reporting requirements in this area, putting pressure on firms to assess the impact of their actions on nature. But, it also brings opportunities.

In this episode our regular host Irina Velkova is joined by Amanda O'Toole, Senior Portfolio Manager at AXA Investment Management and Equity, and Dr Simon Zadek, Chair of Finance for Biodiversity, to discuss the challenges and opportunities that biodiversity brings to the financial services industry.

Episode 20: regulatory update - the cost of living crisis

On 5th May 2022, the Bank of England (BoE) announced the latest base rate of 1%, increasing from 0.25%, with potential continued small rises to inflation and prices. The latest Regulatory Initiatives Grid (RIG) also references the cost of living crisis: "we will have a pivotal role in supporting consumers, particularly those in vulnerable circumstances. We stand ready…" and warns there could be changes to the RIG as a result.

In our latest regulatory update, David Morrey and Gavin Stewart discuss the latest developments including: the cost of living crisis, the Prudential Regulation Authority Business Plan (PRA) 2022/23, Regulatory Initiatives Grid, and speeches from the regulators covering topics of cryptocurrency – sharing insight on how firms can prepare for the changes ahead. 

Episode 19: capital market trends – adapting to change in 2022

Navigating 2022 requires resilience, preparation, and adaptation. Capital markets have encountered the immediate impacts of geopolitical fragility, with markets reflecting the increased risk as well as the pressure on inflation, energy prices, and supply chains. The sector also faces continuing challenges from post-LIBOR era and post-Brexit regulatory requirements, and ESG net-zero targets. In this episode, Irina Velkova is joined by Harps Sidhu, Partner and Head of Capital Markets, to round up how firms can adapt to key trends in capital markets. 

Episode 18: regulatory update - FCA Business Plan 2022/23

The Financial Conduct Authority (FCA) have published their Business Plan for 2022/23. This year the plan has a strong alignment with the FCA's strategy, focusing on three areas: 'reducing and preventing serious harm; setting and testing higher standards; promoting competition and positive change.'

The Business Plan also proposes detailed metrics to measure progress against their commitments for 2022/23, emphasising their new desired-outcome driven plan.

David Morrey, Partner, Head of Investment Management Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, delve deeper into the FCA's plan and priorities, and discuss what it means for businesses in the rest of the year and beyond.

Episode 17: Banking challenges and trends 2022

Geo-political factors, ESG, cyber risk and the struggle for talent are some of the challenges the banking sector will continue to face this year. On top of this, pandemic recovery is still ongoing for many. Banks need to ensure they have the correct processes, governance, and agility to adapt effectively. In our latest podcast episode, our regular host Irina Velkova is joined by Paul Garbutt, Banking Partner at Grant Thornton UK LLP, to explore the key themes for the sector in 2022 and explain how firms can prepare to get ahead of the curve.