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 securitie...
Jun 18, 2025•26 min•Ep. 76
The Financial Conduct Authority (FCA) plans to strip outdated or duplicated requirements from its insurance rule book.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 regula...
May 22, 2025•25 min•Ep. 75
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 t...
Apr 16, 2025•24 min•Ep. 74
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 supp...
Mar 31, 2025•27 min•Ep. 73
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 (...
Mar 13, 2025•1 hr•Ep. 72
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.
Feb 27, 2025•25 min•Ep. 71
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.
Jan 24, 2025•20 min•Ep. 70
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 handb...
Dec 23, 2024•27 min•Ep. 69
In the latest episode David Morrey and Ben Farmer discuss a bumper list of current regulatory issues as previewed in Rachel Reeves's Mansion House speech, aimed at unlocking innovation and growth: Modernising the Financial Ombudsman Service The Government's desire to modernise the Financial Ombudsman Service framework, including the previously issued call for inputs. Certification regime consultation An upcoming consultation on replacing the certification regime with a more proportionate system ...
Dec 04, 2024•29 min•Ep. 68
In this episode, we delve into the key aspects of motor insurance total loss claims. Blandine Arzur-Kean , Managing Director, Grant Thornton is joined by colleague Philip Tregurtha, Director, Grant Thornton and Kate Pender, CEO, Fair4All Finance, to discuss: best practices for vehicle valuation and settlement processes fair and standardised processes for settling claims supporting vulnerable customers building trust with policy holders valuation challenges and claim frequencies associated with e...
Nov 18, 2024•22 min•Ep. 67
David Morrey, Head of Financial Services Regulatory Advisory, and Paul Garbutt, Head of Banking, discuss the recent Court of Appeal decision regarding motor finance complaints, which requires greater disclosure of commissions paid to brokers and explicit consent from borrowers. This decision has significant implications for the industry, extending beyond regulatory requirements to contract law. During the episode we cover judgement overview, disclosure requirements, industry impact, implications...
Nov 12, 2024•17 min•Ep. 66
It’s been over a year since the financial services industry began embedding the Consumer Duty for existing products. The FCA’s relentless focus on good consumer outcomes is reshaping the landscape. In our latest podcast episode Blandine Arzur-Kean is joined by regulatory experts David Morrey , Peter Lovegrove , and Supriya Manchanda to discuss: the impact of the Consumer Duty challenges firms are facing around management information, data, outcomes testing, and ensuring good results for customer...
Oct 28, 2024•29 min•Ep. 65
As the eighth edition of the FCA's Regulatory Initiatives Grid was delayed due to the General Election, an interim update to the November 2023 publication has been released for the period October 2024 to March 2025. In this episode of the podcast, David Morrey and Ben Farmer pull out 10 key takeaways: Diversity and inclusion Basel 3.1 rules Prudential framework FCA's updated enforcement guide Remuneration regime consultation Multi-firm review of vulnerable customers advice Guidance boundary revi...
Oct 21, 2024•18 min•Ep. 64
David Morrey and Ben Farmer dive into the latest key regulatory updates. Consumer Duty The FCA's thematic review 24/2 on product governance and its implications for the market, including the importance of firms adhering to product governance rules and the FCA's expectations around product reviews, fair value assessments, and the need for firms to provide evidence to support their conclusions. There is also similar feedback on Consumer Duty outcomes monitoring. Audit firms' fines Recent actions t...
Sep 18, 2024•19 min•Ep. 63
David Morrey and Ben Farmer dive into the latest key regulatory update topics, which include: Consumer Duty: discussion of the Consumer Duty one year after its establishment, focusing on the consequential changes and the FCA's call for input on updating the handbook to align with the Consumer Duty principles Handbook changes: insights into the Financial Conduct Authority’s (FCA) request for firms to identify areas in the handbook that create complexity or confusion, potentially leading to update...
Aug 22, 2024•18 min•Ep. 62
David Morrey and Ben Farmer discuss the impact of the general election on the financial services sector, such as the delays to the Regulatory Initiatives Grid, the Finance Act, the alternative investment fund designation bill, and the FCA's proposals on naming and shaming. Other topics discussed include: The FCA's decision to allow four insurers to resume selling GAP insurance after withdrawing it from the market due to concerns over fair value and commission levels The speech by the chair of th...
Jun 21, 2024•39 min•Ep. 61
In this episode we discuss the latest developments and challenges in the motor finance industry. Irina Velkova is joined by two of her Grant Thornton colleagues; fellow Director, Darren Castle, and Supriya Manchanda, Partner, as well as Adrian Dally, Motor Finance and Strategy Director at the Finance and Leasing Association. The podcast looks at the FCA’s investigation into the historical discretionary commission arrangements and potential implications for consumers, lenders, dealers, and broker...
Jun 17, 2024•41 min•Ep. 60
The controversy over the FCA’s proposal to name and shame firms under investigation and the political and industry opposition to it, PRA Business Plan and its focus on international policy, growth and AI regulation and the FCA’s finalised guidance on anti-greenwashing are just some of the key topics discussed by David Morrey and Ben Farmer in this episode. Other developments discussed include; FCA’s consultations on extending the sustainability disclosure regime to portfolio managers and FCA’s e...
May 30, 2024•43 min•Ep. 59
The FCA Business Plan 2024/25 landed slightly earlier than usual, but the content and structure are very similar to last year's plan. There's a continuation of familiar regulatory proprieties, but the growing remit and responsibilities of the FCA are clear. David Morrey and Ben Farmer delve into it, and discuss what it means for businesses in the rest of the year and beyond. Other key topics include the FCA’s enforcement consultation paper, Treasury Select Committee’s Sexism in the City report, ...
Apr 18, 2024•41 min•Ep. 58
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 mergers and acquisitions.
Apr 08, 2024•35 min•Ep. 57
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 se...
Mar 14, 2024•38 min•Ep. 56
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....
Mar 12, 2024•45 min•Ep. 55
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, ...
Mar 01, 2024•27 min•Ep. 54
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.
Feb 15, 2024•43 min•Ep. 53
David Morrey and Ben Farmer discuss regulatory topics for 2024 that will have a significant impact on institutions operating in the financial services space. They also touch upon Consumer Duty next steps, operational resilience and expected supervisory activity over the next 12 months.
Jan 18, 2024•31 min•Ep. 52
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.
Dec 20, 2023•30 min•Ep. 51
In this episode, Irina Velkova welcomes Niki Mardas, Executive Director of Global Canopy, to discuss nature-positive investments, COP28 notable moments and key takeaways, the State of Finance for Nature report, and TNFD final recommendations for nature-risk management and disclosure.
Dec 19, 2023•38 min•Ep. 50
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.
Dec 18, 2023•46 min•Ep. 49
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.
Dec 12, 2023•46 min•Ep. 48
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.
Dec 11, 2023•26 min•Ep. 47
