Financial Services Risk and Regulation Unravelled Podcast

The podcast discusses the Financial Conduct Authority's Business Plan for 2022/23, focusing on reducing harm, higher standards, and promoting competition. The hosts analyze the plan's structure and express concerns about its impact on firms and consumers. They also explore the cost benefit analysis, key aspects of the plan, diversity rules, and the FCA's role in political discourse.

The podcast discusses the challenges and trends in the banking sector for 2022, including geopolitics, ESG, cyber risk, and talent shortage. It emphasizes the importance of processes, governance, and agility for banks to adapt effectively. The chapters cover topics such as defense measures against cyber warfare, governance and talent hurdles, and the significance of reputation and leadership in the industry.

Kickstarting a new series, Irina Velkova is joined by David Morrey, Grant Thornton’s Partner, Head of Investment Management, to discuss the focus areas in the sector this year. Key themes include the Investment Firm Prudential Regime (IFPR), ESG, consolidation of the market and the ongoing pressure on margins and the re-discovery of political risk. Important questions arise around how the sector prepares for these changes, the challenges organisations will most likely face in responding to them, and how recent developments will effect investment management firms in 2022.

In this podcast, the Financial Conduct Authority's response to various external events is discussed, including UK sanctions relating to Russia, cost of living increases, global action on cryptocurrencies, and a potential strike vote from its own staff. The podcast also covers topics such as the future regulatory framework, challenges surrounding the consumer duty, confusion and competition during program implementation, liquidity requirements for investment firms, and assessing liquidity requirements and sustainable finance disclosures.

In this podcast, experts explore the hot topics for the financial services industry in 2022, including ESG, cyber security, data, consumer duty, and inclusion and diversity. They discuss the impact of current global economic challenges and the importance of boards prioritizing urgent tasks. Navigating unclear regulations, meeting changing obligations, and the challenges and opportunities faced by financial institutions in a changing landscape are also explored.

Regulators are shifting their focus in response to external events like rising inflation and cost of living. The podcast discusses the challenges of regulating small firms and individuals, skepticism towards regulations, redress for British Steel Pension Scheme transfers, bridging perspectives, regulators' approach to criteria-setting, and the need for alternative approaches to disclosure.

Businesses all over the world are facing another large transformational change: hybrid working. And, change always brings challenge: from organisational and operational resilience, and culture, to security risks and leadership. On hybrid/remote working, the FCA has set out its own expectations so firms can ensure they're meeting their regulatory responsibilities. Our host Irina Velkova discusses the impact of these new ways of working with an expert panel: Andre Katz, Group Risk Director for Operational Resilience, Lloyds Banking Group, Susan Andrew, Head of Delegated Underwriting Management, Brit Insurance and Aegean Simpson, Senior Manager of People and Culture, Grant Thornton UK LLP. Listen for insight on the lessons learned from last two years, and guidance on what the future of work will look like.

Discussion on FCA's 2022 priorities, including crypto and enforcement cases. Mention of union strike action and turnover in FCA executive team. Emphasis on assertiveness, transparency in financial services industry. Exploration of criminal prosecutions, PRAs' standard letters. UK banks' agenda: recovery, climate change, regulatory reporting, cryptocurrency promotions.

As we approach the end of the year, the FCA has released its much-anticipated final consultation on the proposed new consumer duty. It seems to be little change from the original. David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP discuss the what this version means for firms – whilst looking back on the year and sharing insight on what to expect in 2022.

David Morrey, Partner at Grant Thornton UK LLP, and Gavin Stewart, Director at Grant Thornton UK LLP, discuss the FCA's ESG strategy and the UK's financial services regulation. They explore potential funding sources, lack of accountability, regulating beyond core financial activities, negative interest rates, challenges in banking competition, and the implications of data-led regulation.