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.
Fossil fuel debate takes centre stage as COP28 continues in UAE, with more than 100 countries already supporting a phase-out to bring fossil fuel emissions to zero. We bring this episode live from COP28 where Irina Velkova welcomes Andrew Griffiths, Director of Policy & Partnerships at Planet Mark, 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 fos...
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....
What factors affect 'fair value' for the Consumer Duty? Setting higher and clearer standards for firms of consumer protection within the financial services sector, David Morrey and Ben Farmer discuss the FCA's Consumer Duty initiative and the outcomes that it's trying to achieve through 'fair value' in their recent regulatory update. 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 ...
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: Fotoulla Charalambous, Chief Internal Auditor, ...
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 majo...
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 Farme r 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 Farme r delve deeper int...
The FCA has made it clear in their recent consultation paper that it is 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 ma...
Basel 3.1, 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 them...
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, B...
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 – ...
2022 gave us new operational resilience expectations, the Consumer Duty, and a magnified outlook on climate change and biodiversity. But with firms now integrating these changes into their strategies, what will the year ahead 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 2...
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...
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 and Gavin Stewart discuss 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 LL...
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 a...
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 U...
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 g...
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....
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 a...
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...
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 discus...
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...
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...
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 ...
