Risk & Regulation Rundown

This episode, host Tessa Norman is joined by PwC Partner Michael Snapes and Director Gordon Kemp, to deep dive into the evolving UK prudential banking landscape, navigating the impacts of the PRA’s Basel 3.1 final rules and proposed Strong and Simple regime.Our expert guests unpack the details of the PRA’s recent publications, sharing insight on the UK’s journey to implement the Basel 3.1 rules and the development of its Strong & Simple framework. We highlight the expected impacts the changes will have on banks - both large and small - and key strategic considerations for banks as they strike a balance between capital requirements and their growth aspirations.   Our guests also discuss the broader competition and market dynamics of these regulatory changes, both in the UK and internationally, and explore how firms can navigate the challenges and leverage the opportunities presented by these regimes.You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com, michael.j.snapes@pwc.com, and gordon.kemp@pwc.comTo hear more from us on Risk & Regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html

This episode, host Tessa Norman is joined by Sarah Porretta, Deputy CEO of Fair4All Finance, and Howard Taylor, a Director in PwC’s Consulting practice, to explore the topic of financial inclusion.Our expert guests share their perspectives on the importance of financial inclusion and why this is not a niche issue, with Fair4All Finance’s work demonstrating that over 20 million people are vulnerable to exclusion. Our guests navigate the commercial business case for inclusion, looking at issues such as risk appetite, the potential to serve new customer groups, and changing consumer and regulatory expectations. We also look at the challenges facing firms and consumers and the role that technology, data, and innovation can play in driving progress.In addition, our guests discuss the Government’s future policy direction on inclusion and the value of cross-sector collaboration between industry, regulators and policymakers to promote the collective action necessary to support inclusive growth.You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com, howard.taylor@pwc.com. To hear more from us on Risk & Regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. The speech referenced in our conversion was given by FCA Chief Executive Nikhil Rathi on 19 September 2024 and is available here: https://www.fca.org.uk/news/speeches/catalysing-productivity-and-growth-change-mindset-financial-inclusion 

Shearin Cao, EMEA Regulatory Policy Director at Citibank; John Allan, Head of Innovation at the Investment Association; and Matt Blumenfeld, PwC’s Global Digital Assets Lead, dive into the transformative power of tokenisation. They discuss the potential of tokenized money and investment products, highlighting that digital currencies could reshape central banking. Insights into global regulatory changes and the significance of public-private partnerships for driving innovation also emerge, alongside predictions for DLT's impact on the financial sector.

Host Tessa Norman is joined by Jess Lewis and Jamie Drysdale, both Directors in PwC’s insurance practice, to take a deep dive into the trends shaping the UK life insurance and retirement sector.Our expert guests discuss how macro trends such as changing workforce dynamics, economic and political drivers, and health and longevity trends are impacting customer expectations and needs, and the resulting impact on providers. Our guests also spotlight the role of regulatory initiatives and technology in driving transformation. They share insights on how firms can overcome challenges related to data and legacy systems to ensure they’re equipped for the future and to meet the higher standards of service which customers have come to expect from other sectors. You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com, jessica.x.lewis@pwc.com and jamie.drysdale@pwc.com. To hear more from us on Risk & Regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html.

Directors and a Partner from PwC discuss building operational resilience, focusing on upcoming regulations in the UK and EU, practical steps for firms to prepare, evolving regulatory approaches, challenges in compliance, and strategies to enhance resilience by 2025.

In the first episode of a new series, host Tessa Norman is joined by David Kenmir, PwC Partner in Financial Services Risk and Regulation, and Amrita Sawhney, a Director in PwC’s Technology, Data and Analytics team, to take an in-depth look at the evolving redress and remediation landscape in the UK. Our expert guests discuss the changing regulatory focus on redress and remediation, spotlighting the impact of the FCA’s ongoing motor finance discretionary commission review, and heightened expectations set by the Consumer Duty. Our guests also share perspectives on the increasing data demands of the regulator and how firms can better utilise their data by shifting from a ‘data-defensive’ to a more proactive ‘data-offensive’ approach. Finally, we exchange views on what a good remediation programme looks like, and the opportunities to harness technology to drive efficiency and effectiveness in this process. You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com, david.kenmir@pwc.com, amrita.k.sawhney@pwc.com  To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html, including our recent article on complaints and redress: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments/complaints-and-redress-meeting-a-higher-bar.html 

In this episode, host Tessa Norman is joined by two PwC Directors: Julia Ramsay, a specialist in Third Party and Supply Chain Risk, and Tom Kohler, a specialist in Financial Services Resilience and Risk Management, to explore the regulation of critical third parties (CTPs).Our expert guests delve into the details of the incoming regulatory regime for CTPs, sharing insights on the outcomes policymakers are seeking to achieve, and the steps CTPs and financial services firms can take to prepare for the proposed new rules. Our guests also exchange perspectives on broader regulatory measures aimed at boosting resilience in other sectors, as well as how firms can manage overlapping rules and harness the strategic opportunities this presents. You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com, tom.kohler@pwc.com, and julia.ramsay@pwc.com. To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html Note: This episode was recorded prior to publication of HMT's CTP policy paper on 21 March 2024, which confirms the timelines and criteria for designation discussed in the podcast. 

In this episode, host Tessa Norman is joined by Director Esther Rawling, and Senior Manager Lucas Penfold from PwC’s Sustainability practice, for a deep dive into the EU’s Corporate Sustainability Reporting Directive (CSRD). Our expert guests delve into implementation hurdles facing banks, asset managers and insurers, and share practical tips to overcome those challenges as they prepare for the upcoming reporting deadlines. Our guests also share perspectives on the pace and scale of sustainability regulatory change in the UK and beyond, how that’s likely to be shaped by political change, and what firms can expect from the broader policy and regulatory agenda in the year ahead. Finally, we discuss how firms can generate value from their approach to embedding these sustainability initiatives.You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com, esther.rawling@pwc.com and lucas.penfold@pwc.com To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

Isabelle Jenkins, PwC UK's Financial Services Industry Leader, and Lord Gavin Barwell, PwC Senior Advisor and former MP and Chief of Staff to Theresa May, discuss the geopolitical, economic and regulatory drivers shaping financial services in 2024. Topics include upcoming elections, technology and AI, ESG and consumer protection, navigating uncertainties, managing geopolitical risks, the UK's international competitiveness post-Brexit, and tension between international competitiveness and consumer protection.

In this episode, guest host Andrew Strange is joined by Amanda Wick, Founder and CEO of the Association for Women in Crypto, and Laura Talvitie, Digital Assets Lead in PwC’s Financial Services Regulatory Insights team, to delve into the world of digital assets.Our expert guests discuss the recent developments in digital asset regulation, both in the UK and globally, and share their perspectives on the direction of future policy evolution. Our guests reflect on the use cases of digital assets for the traditional financial services sector, as well as share their perspectives on the value of diversity and inclusion in the digital assets industry. You can contact our PwC speakers if you’d like to discuss any of the topics covered, at andrew.p.strange@pwc.com and laura.talvitie@pwc.com.To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html