Financial Services Risk and Regulation Unravelled Podcast

This podcast discusses the collapse of SVB, the FCA Business Plan, the Financial Services and Markets Bill's progress, and the first consultation on the Senior Managers and Certification Regime, providing insight on how firms and consumers can prepare for the upcoming changes.

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.

Sarah Woodfield, Active Ownership Manager at Schroders, and Kate Boulden, Associate Director at AIMA, discuss sustainability disclosure requirements (SDR) and the potential challenges of proposed regulations. They highlight the importance of flexibility and convergence in labeling sustainable investments, as well as the need for more time for firms to comply with final rules.

Experts analyze recent bank collapses and regulator response, exploring balance sheet mismatch challenges. The impact of interest rates on banks and consumers is discussed, along with senior management certification regime and ring fencing. Changes in the macro environment and meeting climate goals are highlighted. The importance of cost reduction and technology adoption for navigating the economic environment is emphasized.

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.

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.

In this episode, Irina Velkova is joined by Robert Hannah and Alex Ellerton. They discuss the impact of geopolitical tensions on the financial services industry, the role of artificial intelligence in international services, labor market shortages and international skill sets, regulatory focus on inclusion and diversity in financial institutions, and the importance of enforcing financial services practices and maximizing opportunities in a volatile market.

The podcast discusses the Edinburgh Reforms, potential return of ring fencing and senior managers regime, updates on Consumer Duty and Diversity and Inclusion Review, FCA consultation paper and temporary guidance for insurance sector, FCA's shift in authorizations and government agencies outside London, and lack of regulatory compliance culture in a newly regulated sector.

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.