In our Risk and Regulation Unravelled podcast, we discuss the latest developments in financial services with industry experts. David Morrey, Irina Velkova and Ben Farmer lead the conversation.
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The insurance industry is undergoing a transformative journey driven by digital innovation, regulatory scrutiny, and enhanced consumer expectations. In our latest podcast, Head of Financial Services, Alex Ellerton, is joined by Rob Benson, Partner, Head of Insurance, and Stuart Riddell, Director, to explore the key themes for the sector in 2024. The conversation covers Consumer Duty, AI, climate and sustainability, data and governance, and M&A.
Volatile interest rates, AI, and technology, regulation, and macroeconomic uncertainties are just some of the challenges the banking and capital markets will continue to face this year. The sector will need to ensure they have the correct processes, governance, and agility to adapt effectively.
In our latest podcast, Head of Financial Services, Alex Ellerton is joined by Paul Garbutt, Partner, Head of Banking Advisory, and Ed Allen, Managing Director of BRS, to explore the key themes for the sector in 2024.
The FCA has published an insight setting out examples of good and bad practice that it has observed in firms' implementation of the Consumer Duty.
David Morrey and Ben Farmer discuss the FCA’s thematic feedback on the implementation, highlighting good and bad practices. Other developments discussed include: the FCA’s intervention in the GAP insurance market, the PRA’s sector letters for insurance and banking, and a significant consultation on how the FCA Enforcement approach could change.
The year ahead is set to bring both opportunities and reasons for caution to investment managers, with challenges spanning the uncertain impact of regulatory change, emerging technologies, and the long-running struggle with shrinking margins.
In our latest podcast, Head of Financial Services, Alex Ellerton is joined by David Morrey, Partner, Head of Investment Management, and Jonathan Charles, Director, to explore the key themes for the sector in 2024. The conversation covers Consumer Duty, AI, sustainability, macroeconomic factors, and future proofing.
Read our insight on the top investment management trends and themes in 2024
Could the ongoing Financial Conduct Authority (FCA) investigation into the motor finance industry could be as big as the PPI scandal? David Morrey and Ben Farmer discuss the ongoing motor finance market review and what it could mean for the industry. Other developments discussed include: the overseas fund regime, PRA sector priority letters, an update on the Ringfencing Regime review, a near-record fine from the PRA, Labour’s FS policy, and much more.
Read our insight on FCA reviewing historical motor finance discretionary commission arrangements
In this episode Irina Velkova welcomes Eric Usher, head of the UNEP Finance Initiative, to discuss its Principles for Responsible Banking (PRB). We also addressed The Paris Agreement, critical agreements for COP28, challenges hindering global efforts to finance sustainable projects, and delivering climate goals.
In our final podcast of the year David Morrey and Ben Farmer discuss the latest edition of the Regulatory Initiatives Grid and recap on regulatory policy publications covering access to cash, sustainability disclosures, critical third parties, the advice guidance boundary and much more.
In this episode Irina Velkova welcomes Chris Dodwell, Head of Policy and Advocacy at Impax Asset Management, live at COP28, to discuss the role of investors in contributing to climate solutions. We also covered what's happened since The Paris Agreement, critical agreements for COP28, and investors approach to risk, including policy risk and country risks.
Can insurance be a force for good in the fight against climate change? In this episode Irina Velkova welcomes Anthony Hobley, Senior Strategic Advisor at Howden Group, live at COP28 to discuss the role of insurance with respect to net zero nature-positive transition. We also covered acceleration of carbon extraction development and carbon capture storage, as well as standardisation of carbon tracking.
We bring you this episode live from COP28, where Irina Velkova welcomes Michael Mainelli, Lord Mayor of the City of London. The Lord Mayor has voiced that climate action is investable and solvable, so in this episode we delve into this further, discussing the important decisions that will come out of COP28, carbon credit-trading, and Government Green Bonds.
The debate around fossil fuels takes centre stage as COP28 continues in the UAE, with more than 100 countries already supporting a phase-out to bring fossil fuel emissions down to zero.
We bring this episode live from COP28 where Irina Velkova welcomes Andrew Griffiths, Director of Policy & Partnerships at PlanetMark, to discuss the latest update on fossil fuel phase-out. The key talking point is the claim by Sultan Ahmed Al Jaber, President of COP28, that there's ‘no science’ indicating that a phase-out of fossil fuels is needed to restrict global heating to 1.5C. Decarbonisation of the global energy system and ramping up clean energy as we move away from the use and production of fossil fuels was also discussed.
David Morrey and Ben Farmer discuss new reporting changes for diversity and inclusion (D&I) and how firms will need to improve their D&I strategies, reporting further on disability and ethnicity alongside the already-reported gender pay gap.
Other developments discussed include: Consumer Duty, crypto, interest rates, and much more – sharing insight on how firms and consumers can prepare for the changes ahead.
Which factors affect 'fair value' for the Consumer Duty?
David Morrey and Ben Farmer discuss the FCA's consumer protection initiative and the outcomes that it's trying to achieve through 'fair value'.
Other developments discussed include: cost of living, crypto, lending and mortgages, and much more – sharing insight on how firms and consumers can prepare for the changes ahead.
In a fast-changing financial services landscape internal audit has become a force of innovation in its own right. Can your own function keep up with the pace?
To find out more about what’s happening in internal audit, listen to a special episode of our financial services regulatory podcast.
Rob Benson and Vivian Lagan from our financial services business risk team are joined by a panel of experts to discuss our recent Internal Audit Report 2022/23:
The panel examines how internal audit can measure performance and help businesses prepare for the many challenges ahead as strategies, regulatory demands, and operating models evolve.
You can read more about our Financial Services Internal Audit Survey findings and download the full report here.
As the cost-of-living crisis continues to impact the UK, households are facing challenges with repayments and interest rates: from mortgages to everyday spending.
In July’s regulatory update, David Morrey and Ben Farmer discuss the latest pressures on businesses: the Consumer Duty, mortgage and interest rates, Solvency II, enforcement cases, and more – sharing insight on how firms and consumers can prepare for the changes ahead.
The next Consumer Duty deadline comes into force in July this year. Introducing new arrangements, enhancing existing governance, making fair value assessments, monitoring processes, and ensuring they can demonstrate compliance by the deadline has been an intensive and challenging journey for many firms.
In this episode, Irina Velkova welcomes Joseph Twigg, CEO at Aveni, and Simon Murphy, Sales and Marketing Director at Vizolution, to our Risk and Regulation Unravelled podcast to discuss the major role that regtech firms play in supporting implementation of the Duty, and the value of technical solutions.
As the next Consumer Duty deadline fast approaches, David Morrey and Ben Farmer discuss what looms for firms, and which assessments will help them meet the new requirements as they prepare for the significant restructuring of consumer protections.
Other developments discussed include: sustainability, greenwashing, mortgages, the Prudential Regulation Authority’s Business Plan, climate change, and much more – sharing insight on how firms and consumers can prepare for the changes ahead.
In this episode David Morrey and Ben Farmer discuss learnings from the collapse of SVB, the FCA Business Plan, the Financial Services and Markets Bill's progress through the House of Lords, and the first consultation on the Senior Managers and Certification Regime – sharing insight on how firms and consumers can prepare for the changes ahead.
The Financial Conduct Authority (FCA) has published its Business Plan for 2023/24. This year the plan has a strong alignment with the FCA’s strategy, focusing on better outcomes for consumers and markets. The regulator will be accelerating its work in four areas over the next year: putting customers’ needs first; preparing financial services for the future; strengthening the UK’s position in wholesale markets; reducing and preventing financial crime.
David Morrey and Ben Farmer delve deeper into the FCA’s priorities and discuss what it means for businesses in the rest of the year and beyond.
Read our insight to uncover what the FCA business plan means for businesses
The FCA has made it clear in their recent consultation paper that it's determined to tackle greenwashing and has highlighted that it will apply the marketing guidelines as early as June 2023, once the final rules are published.
In this episode, Irina Velkova is joined by Sarah Woodfield, Active Ownership Manager at Schroders, and Kate Boulden, Associate Director, Alternative Investment Management Association, for a conversation around sustainability disclosure requirements (SDR), and what we may see in the final rules later this year.
Please note: this podcast was recorded before the FCA updates on SDR and investment labels consultation.
Please note: this podcast was recorded before the FCA updates on SDR and investment labels consultation.
Basel 3.1, the interest-rate environment, regulation, and macroeconomic uncertainty are just some of the challenges the banking sector will continue to face this year. Banks need to ensure they have the correct processes, governance, and agility to adapt effectively.
In our latest podcast, our regular host Irina Velkova, is joined by Paul Garbutt, Partner, leader of our financial (prudential) regulatory practice, and Simon Hills, Director of Prudential Regulation at UK Finance, to explore the key themes for the sector in 2023.
Read our insight on the top banking trends and themes in 2023
It's set to be another challenging year for investment managers who must navigate macroeconomic headwinds and make big calls on investments and risk, all while the industry tackles long-term structural challenges (and opportunities) around margins and technology.
Following the success of last year’s ‘top trends’ series for financial services sectors, Irina Velkova is joined by David Morrey and Jonathan Charles to discuss 2023's key trends in the investment management sector, including ESG, AI, Blockchain, the Edinburgh Reforms and Consumer Duty.
Read our insight on the top investment management themes and the outlook for 2023
The Financial Conduct Authority (FCA) has released the sixth edition of the Regulatory Initiatives Grid. There was a delay in the publication (originally expected November 2022) so regulators could consider how the Edinburgh Reforms will impact the regulatory pipeline and initiatives in the coming years.
David Morrey and Ben Farmer explain the new initiatives added to the February 2023 Grid.
The FCA's Consumer Duty regulation sets higher and clearer expectations for financial services firms, requiring them to put customers’ needs first.
As we creep up to the relevant phased deadlines for implementing the regulation, David Morrey and Ben Farmer look at key feedback, including Dear CEO letters for sectors, and multi-firm reviews. David and Ben also discuss financial hot topics, including: Buy Now Pay Later, crypto-consultation, the Financial Services and Markets Bill, and much more – sharing insight on how firms and consumers can prepare for the changes ahead.
2022 gave us new operational resilience expectations, the new Consumer Duty, a magnified outlook on climate change and biodiversity. But with firms now implementing these into their strategy, what will 2023 bring?
In this episode Irina Velkova is joined by Robert Hannah, Head of International, Large Corporate and Governance Advisory, who also sits on our strategic leadership team, and Alex Ellerton, Head of Financial Services. They'll discuss what developments we expect in 2023, including in response to geopolitical tensions, AI, sustainability, cryptocurrency, the cost-of-living crisis and other economic pressures.
Read our insight to uncover the key trends for financial services in the year ahead
The Edinburgh Reforms will consist of over 30 regulatory changes, aiming to lead development and competitiveness in financial services. As the Chancellor only announced 13 of them in his December speech, there's still plenty of scope to speculate on what they might look like.
Alongside a discussion of the reforms, David Morrey, and new co-host Ben Farmer, tackle other developments within financial services: Consumer Duty; recent FCA board minutes; inclusion and diversity; and enforcement cases. They'll be looking back on their 2022 highlights to share guidance on how firms can prepare for the changes ahead.
Find out more about the key announcements from the Edinburgh Reforms.
Out with the old regulatory year, in with the new.
We close in on the end of 2022 and reflect on another 12 months of risk and regulation.
This month also marks Gavin Stewart's farewell appearance on the podcast. On their final regulatory update together, he talks to David Morrey about the Edinburgh Reforms, the deleted call in power and a festive season-sized package of regulatory developments.
Join us again in 2023, for a new year and a new co-host for David.
Is meaningful de-regulation quietly fading into the background of the new government’s plans? Will regulatory independence become a political battleground?
In our latest podcast David Morrey discusses the latest developments, including: the Bank of England, Financial Services and Markets Bill, Mansion House speeches, de-regulation agenda, and recent enforcement cases – sharing insight on how firms and consumers can prepare for the changes ahead.
The relatively dramatic developments in financial markets that the UK is enduring are impacting many areas of life. The insurance sector has been affected by it too, although it's demonstrating a remarkable robustness, given the global turmoil in the last couple of years.
In this episode, Irina Velkova, is joined by Paul Cooper, Group Chief Financial Officer at Hiscox, Charlotte Clark, Director of Regulation at the Association of British Insurers, and Rob Benson, Partner at Grant Thornton UK LLP, to discuss resilience in the insurance sector, and how to overcome its current challenges.
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 is 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.
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.
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.
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 discusses 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.
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 to relieve it.
In our latest regulatory update David Morrey discusses recent developments, including: the cost-of-living crisis, Regulatory Initiatives Grid, Buy Now Pay Later, and speeches covering technology innovation, sandboxes, and sprints – raising awareness on how firms can prepare for the changes ahead.
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 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.
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 discusses 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.
PRA publishes Business Plan 2022/2023
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.
What are the key capital market themes and trends for 2022?
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, delves deeper into the FCA's plan and priorities, and discuss what it means for businesses in the rest of the year and beyond.
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.
What are the key themes shaping the banking industry right now?
Kickstarting a new series, Irina Velkova is joined by David Morrey, Grant Thornton’s Partner, Head of Investment Management, to discuss the focus areas in the sector this year. Key themes include the Investment Firm Prudential Regime (IFPR), ESG, consolidation of the market and the ongoing pressure on margins and the re-discovery of political risk. Important questions arise around how the sector prepares for these changes, the challenges organisations will most likely face in responding to them, and how recent developments will effect investment management firms in 2022.
Uncover the top themes and trends for investment management in 2022
The Financial Conduct Authority (FCA) continues to respond to external events: including the impact on regulation of UK sanctions relating to Russia, cost of living increases, global action on cryptocurrencies and a potential strike vote from its own staff. In our latest regulatory update David Morrey discusses the latest developments and share insight on how firms should prepare for the upcoming regulatory agenda.
What are the hot topics for the financial services industry in 2022? COVID-19 has dictated the narrative for the last two years, but as we transition into a post pandemic world this year promises a lot of focus on risk and regulatory matters, much of it driven by regulators.
In this episode, Irina Velkova is joined by Sandy Kumar, Head of Financial Services and Business Risk Services, Grant Thornton UK LLP, and Alex Ellerton, Partner, Grant Thornton UK LLP to explore key themes for firms this year: including ESG, cyber, data, consumer duty, inclusion and diversity as well as the impact of current global economic challenges on the Financial Services industry.
Regulators are facing a shift in focus - with a big emphasis on responding to external events. With rising inflation rates, cost of living, and possible industrial action within the regulatory bodies, firms must be prepared to adapt to new regulatory agenda items in the upcoming months. Current consultation papers, such as that on Appointed Representatives, would attract bigger headlines in more normal times. David Morrey, Partner, Head of Investment Management, Financial Services Group, discusses these updates and share insight on what firms should expect from the regulators.
Businesses all over the world are facing another large transformational change: hybrid working. And, change always brings challenge: from organisational and operational resilience, and culture, to security risks and leadership.
On hybrid/remote working, the FCA has set out its own expectations so firms can ensure they're meeting their regulatory responsibilities.
Our host Irina Velkova discusses the impact of these new ways of working with an expert panel: Andre Katz, Group Risk Director for Operational Resilience, Lloyds Banking Group, Susan Andrew, Head of Delegated Underwriting Management, Brit Insurance and Aegean Simpson, Senior Manager of People and Culture, Grant Thornton UK LLP.
Listen for insight on the lessons learned from last two years, and guidance on what the future of work will look like.
On 31 December 2021 the Financial Conduct Authority (FCA) issued a press release reviewing its highlights of the year. Now, it's time to ask, what will the regulator's key priorities be in 2022?
David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, returns for our monthly podcast to discuss what the FCA will be looking at this year: from crypto to recent enforcement cases.
Listen to this episode for insight on how the regulator will engage with firms in the upcoming months.
As we approach the end of the year, the FCA has released its much-anticipated final consultation on the proposed new consumer duty. It seems to be little change from the original. David Morrey, Partner, Head of Investment Management, Financial Services Group, discusses what this version means for firms – looking back on the year and sharing insight on what to expect in 2022.
The Financial Conduct Authority (FCA) has released several updates this month, including publishing the Regulatory Initiatives Grid and the Future Regulatory Framework. These updates clearly show the regulator's priorities – the 11 new ESG initiatives fit the theme of the recent COP 26 conference.
David Morrey, Partner, Head of Investment Management, Financial Services Group, discusses these updates and share their insights on what to expect ahead of the regulators ESG strategy.
HM Treasury published its final consultation paper for the Future Regulatory Framework (FRF) Review on 9 November 2021. The FRF sets out the government's views on post-Brexit financial services regulation in the UK. Our host, Irina Velkova, is joined by Matthew Conway, Director, Strategy & Policy, at UK Finance, to share their insight on the new changes taking shape, the practical challenges it might bring, and what the FRF means for you.
Regulators and HM Treasury are expected to release several updates imminently including the Future Regulatory Framework (FRF) Review, Regulatory Initiatives Grid, and consultation papers.
David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP shares his insight on this months' regulatory developments and take a deep dive into what's expected from the regulators' crowded pre-Christmas agenda.
Earlier this year, the FCA published its final guidance on the fair treatment of vulnerable customers. This is intended to drive a practical shift in firms' actions and behaviours towards these customers.
In this episode, Irina Velkova is joined by Maxine Pritchard, Head of Financial Inclusion and Vulnerability at HSBC UK, and Peter Lovegrove, Director at Grant Thornton UK LLP, for a conversation around how firms are expected to implement this guidance.
The Financial Conduct Authority (FCA) is trying to move on from COVID-19 in the last few months of 2021. As we prepare for 2022, David Morrey, Partner, Head of Investment Management, Financial Services Group, discusses this month’s regulatory developments and look back at the summer. The packed episode includes the end of the furlough scheme, recent enforcement cases, the FCA's 'Transformation', and its consumer investment strategy.
The FCA published their Business Plan for 2021/22, setting an ambitious agenda for change. This year’s Business Plan can be viewed as an attempt to transition the Financial Conduct Authority (FCA) to become what is hoped to be a new regulator for the 2020s – more “innovative, assertive and adaptive.” David Morrey delves deeper into the plan and priorities of the FCA and discusses whether we're looking at a new type of regulator.
The UK Investment Firm Prudential Regime (IFPR) is a new, streamlined and simplified process for the prudential regulation of investment firms in the UK. While very technical in its nature, it's a subject that gives a lot of room for interpretation and makes for some interesting hypotheses before the complete Financial Conduct Authority (FCA) consultation paper arrives later in the year.
In this podcast episode, we’re joined by Colm Donnelly, Head of EMEA Prudential Reporting, Invesco and David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton, who live and breathe regulation to discuss the latest developments and key aspects of the regime, how the regime will impact the way investment management firms approach risk, and what firms need to do to prepare for implementation.
In the UK, the joint regulator and government task force on climate-related financial disclosures (TCFD) published the roadmap towards mandatory climate-related disclosures.
This was followed by an ongoing consultation on the proposals related to mandatory TCFD-aligned disclosures from publicly quoted companies, large private companies, and limited liability partnerships.
Unsurprisingly, environmental, social and governance (ESG) and impact investing have taken a prominent place in all investor discussions lately.
In the second episode of our podcast, Irina is joined by our guests, Edward Dixon, Head of ESG, Aviva Investors Real Assets and Paul Young, Managing Director, Head of Finance, Risk and Compliance, Grant Thornton, to discuss how the COVID-19 situation has increased the focus on sustainability and ESG. We also cover the upturn in regulatory activity in this space and look in detail at what investors are facing in terms of regulation and how they can prepare for it.
As firms have adapted to the circumstances of lockdown almost overnight, there's been an inevitable increase in operational risk. Regulators are looking to confirm that companies are minimising the impact of disruption by adapting, responding and recovering, while protecting their customers.
In the first episode of our podcast, Gavin and Irina are joined by our guests, Andrew Rogan, Director of Operational Resilience Digital Technology & Cyber, UK Finance and Tim Armit, former Resilience and Business Continuity Manager, Post Office, to discuss the upcoming Financial Conduct Authority (FCA) statement on operational resilience.
