Financial Services Risk and Regulation Unravelled Podcast

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. 

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 LLP, to discuss resilience in the insurance sector, and how to overcome its current challenges. 

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 and challenges ahead. Note: as this podcast was recorded earlier in October, sudden changes in the government means there is reference to Liz Truss temporarily as Prime Minister.

Joanne Johnson and David Young discuss the challenges of meeting operational resilience expectations, including understanding processes, mapping business processes to technology and suppliers, and managing audit trails. They also provide tips for organizations struggling to meet these expectations, such as reading and understanding regulations and networking with industry peers. The guests highlight the changing regulatory requirements and the focus on cyber resilience.

The podcast discusses the new Consumer Duty rules and their impact on financial services firms. It explores the concept of reasonableness in consumer conduct regulation and the challenges firms face in implementing it. The importance of providing accurate information to prospective and existing customers is emphasized. The complexity and importance of transparency and oversight in the distribution chain is also discussed. The podcast highlights the upcoming governance reviews and how boards are preparing for consumer duty dashboards.

Regulatory experts David Morrey and Gavin Stewart discuss the impact of leadership changes in government and at the FCA. Topics include FCA leadership changes, the cost-of-living crisis, crypto-regulation, and their summer holiday regulatory reading list.