Financial Services Risk and Regulation Unravelled Podcast

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 updates in the handbook Commercial insurance: examination of the definition of a consumer in the context of commercial insurance, with a discussion on potential changes to align with the Consumer Duty's scope Defined contributions pension schemes: a consultation on changing the rules for value for money assessments in defined contributions pension schemes to align with Consumer Duty standards Motor finance complaints: update on the FCA's review of motor finance complaints, including an extension of the pause on handling complaints and the likelihood of a consumer redress scheme Enforcement Case: a £250 million enforcement case involving H2O Asset Management, focusing on investment due diligence failures and misleading the FCA Get the latest insights and guidance for financial services professionals straight to your inbox, subscribe here.  Do you need guidance on the Consumer Duty? You can get regular updates from our dedicated hub. Visit our Consumer Duty Hub here.   

The podcast discusses the impact of the general election on financial services, FCA's decision on insurers selling GAP insurance, potential changes in asset management regulation, Treasury Select Committee's inquiries on diversity and de-banking, and a trader's costly mistake leading to fines.

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 brokers. They also discuss the regulator's actions and timelines for reviewing the DCAs and assessing consumer harm and potential redress. Finally, the panel also explain best practices and preparations that firms should be doing now to deal with the complaints.

Regulatory experts David Morrey and Ben Farmer discuss FCA updates like naming and shaming firms, PRA Business Plan focus on international policy, AI regulation, anti-greenwashing guidance. Also, consultations on extending sustainability disclosure, enforcement action against Link Financial Services for Woodford funds oversight failures.

Experts in financial regulation, David Morrey and Ben Farmer, discuss the FCA Business Plan 2024/25 and its implications for businesses. They cover topics like enforcement consultation, Sexism in the City report, social media financial promotions guidance, and more.

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.

Paul Garbutt, Partner, and Ed Allen, Managing Director of BRS, discuss challenges in banking & capital markets for 2024. Topics include volatile interest rates, AI, regulation, macroeconomic uncertainties, adapting processes, governance, agility, geopolitical events, interest rate fluctuations, return on equity, capital management, wealth offerings, asset management, non-financial risks, geopolitical factors, sustainability, ESG, data, regulatory inconsistencies, advanced technologies, financial reforms, AI in banking sector, market infrastructure, automation, generative AI, integration challenges, and senior management's role in adopting AI.

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.

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.