Financial Services Risk and Regulation Unravelled Podcast
Grant Thornton UK LLP’s Financial Services Risk and Regulation Unravelled podcast features conversations about the dynamic world of risk and regulation. Hosted by Partner David Morrey and Director Irina Velkova, the show helps financial services clients understand new regulatory and risk developments, upcoming changes, and industry talking points. Each month, renowned experts share their insights.
Episodes
Episode 89 | Regulatory update: Motor finance redress in limbo
In this month’s episode, David Morrey and Ben Farmer unpack the latest twist in the motor finance remediation programme, with multiple legal challenges now putting key customer communication timelines on ice and pushing firms towards contingency planning.
They talk through what the Financial Conduct Authority is signalling firms should do now, from identifying impacted complaints and agreements
Episode 88 | Regulatory update: Motor finance redress, incident reporting, and simplified advice
This month David Morrey and Ben Farmer unpack the Financial Conduct Authority's (FCA) final motor finance redress scheme rules — including the decision to run two schemes and what that signals about potential legal challenge and delivery timelines.
They also cover the regulators’ operational incident and third‑party reporting final rules (and what firms should be doing now, ahead of the March 2027
Episode 87 | Regulatory update: Regulatory priorities re-written
David Morrey and Ben Farmer unpack the FCA’s new sector priority reports and what they really signal for financial services firms in 2026. From insurance and consumer investments to payments, appointed representatives and motor finance redress, we explore how the regulator is shifting away from fragmented Dear CEO letters towards a more consolidated, outcomes‑focused approach — and what that means
Regulatory update: FCA AI live testing, the stablecoin regime, and the mortgage roadmap
This month, David Morrey and Ben Farmer unpack another busy period in financial services regulation. They explore the FCA’s accelerating use of AI — from live testing to automated case queries — and what this rapid adoption means for firms navigating both innovation and risk.
The conversation also covers the regulators’ new scale‑up unit, the latest findings from the pure protection and premium fi
Episode 85 | Regulatory update: Where are we at the end of 2025?
In this end-of-year episode, David Morrey and Ben Farmer take stock of the evolving regulatory landscape in financial services, exploring the impact of the UK’s “growthy regulator” agenda over the past twelve months.
Key themes include:
Growth vs Deregulation: The hosts discuss whether regulatory changes have truly promoted growth or simply resulted in procedural tweaks. While some requirements h
Episode 84 | Regulatory update: Safeguarding, consolidation and FCA’s expanding remit
Join hosts David Morrey and Ben Farmer as they break down the latest regulatory developments and what they mean for firms and professionals navigating compliance, risk and operational change.
Explore new safeguarding rules for payment and e-money firms, the impact of wealth management consolidation, and the FCA’s growing role in ESG and anti-money laundering oversight.
In this episode:
FCA’s new s
Episode 83 | Regulatory update: Motor finance redress
In this episode, David Morrey and Ben Farmer dive into latest developments on motor finance compensation claims, including the Financial Conduct Authority’s (FCA):
new awareness campaign
regulatory actions against misleading advertising by claims management companies (CMCs)
details of the proposed redress scheme for motor finance agreements dating back to 2007.
Listen to unpack the scheme’s opt-
Episode 82 | In conversation with the Lord Mayor
In this episode, Alex Ellerton, Head of Financial Services, and Sarah Bell, Partner, are joined by The Rt Hon. Lord Mayor of London, Alastair King, for a wide-ranging discussion on how financial services can drive the UK's economic growth. They unpack the opportunities and challenges facing the sector—from regulatory shifts to innovation and investment.
The conversation covers:
economic outlook
L
Episode 81 | Regulatory update: Regulation, redress and growth
In this episode, David Morrey and Ben Farmer unpack the latest regulatory developments in UK financial services.
They discuss the FCA's campaign on motor finance compensation, the recent insurance sector redress payments, and a major consumer rights super-complaint.
The conversation also explores new consultations from the regulator, including cryptoassets and payments, and its push for growth a
Episode 80 | Clarity, Confidence, and the Future of UK Payments
Innovation is shaping the future of the payments industry, and the Financial Conduct Authority (FCA) is keen to ensure it heads in the right direction.
In this episode, host Paul Staples is joined by Paul Olukoya, Managing Director, Alison Kopra, Director, and guest Robert Courtneidge, Policy Advisor at The Payments Association.
They discuss the latest trends in digital money, the regulatory chal
Episode 79 | Regulatory update: Motor finance, crypto ETNs, and enforcement actions
In this episode, David Morrey and Ben Farmer unpack the Supreme Court judgement on motor finance commissions and its far-reaching implications for lenders, dealers and consumers, alongside the FCA’s proposed redress scheme.
They discuss recent FCA rule changes – from buy now pay later regulation to the reversal of the ban on crypto exchange-traded notes (ETNs) – and reflect on thematic reviews cov
Episode 78 | Regulatory update: Expanding accountability and evolving boundaries
In this episode David Morrey and Ben Farmer discuss the Financial Conduct Authority's (FCA) new rules on tackling non-financial misconduct. The rules, which previously only applied to banks, will be extended to 37,000 non-bank financial service firms from September 2026.
The conversation covers:
CP24/27: advice guidance boundary review from the FCA – the implications and long-term risks of targe
Episode 77 | Leeds Reforms – Regulating for growth in financial services
The Government launched its Financial Services Growth and Competitiveness Strategy, the sector-specific paper to support the broader Industrial Strategy and drive economic development across the UK. Aligning with the Chancellor’s annual Mansion House speech, the Government also launched the Leeds Reforms to simplify the regulatory landscape and catapult the strategy into action.
In this episode Da
Episode 76 | Regulatory Update: Complaints, credit and conduct
Tune in for the latest regulatory developments shaping the UK financial services landscape and what these mean for you.
In this episode, David Morrey and Ben Farmer examine the FCA’s proposals to simplify complaints reporting, including the removal of group-level submissions and the introduction of standardised six-monthly intervals.
They also talk about the FCA’s review of the Register, updates t
Episode 75 | Regulatory Update: FCA begins rule simplification in insurance and mortgage markets
The Financial Conduct Authority (FCA) plans to strip outdated or duplicated requirements from its insurance rule book.
In this episode of the podcast David Morrey, Partner, Head of Investment Management, and Ben Farmer, Senior Manager, review what this means for firms.
The conversation also covers:
mortgage rule simplification
pooled funds and consumer credit regulatory returns
FCA's thematic re
Episode 74 | Regulatory Update : 5 year Financial Conduct Authority Strategy
The Financial Conduct Authority (FCA) has published its 5-Year Strategy (2025 – 2030). In this episode David Morrey, Partner, Head of Investment Management, and Ben Farmer, Senior Manager, review its core focus areas:
Reducing and preventing serious harm
Setting and testing higher standards
Promoting competition and positive change
In addition to the strategy, they also discuss the FCA's ot
Episode 73: Regulatory update - from deregulation trends to consumer protection
Join David Morrey and Ben Farmer as they explore the latest regulatory developments and their impact on the financial services industry.
In this episode, they discuss:
Regulatory Changes & Updates: The FCA’s decision not to proceed with certain proposals, including diversity and inclusion rules, enforcement disclosure changes, and the sustainability disclosure regime for delegated portfolio
Episode 72: Financial Services challenges and trends
The financial services industry will continue to evolve throughout 2025. It’s important to look beyond individual compliance requirements and consider the broader themes driving these policy shifts — from government initiatives and socio-political factors to reactive responses to emerging consumer issues.
In this episode, Head of Financial Services, Alex Ellerton, is joined by Paul Garbutt (Part
Episode 71: Regulatory update - green shoots of growth
David Morrey and Ben Farmer discuss the responses from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on adapting to the Treasury's prioritisation of growth.
They also discuss the FCA's thematic review of wholesale brokers' anti-money laundering initiatives and the implications of its controversial email retention policy, as well as the ongoing Supreme Court case
Episode 70: Regulatory update - What should we expect in 2025?
David Morrey and Ben Farmer discuss the regulatory issues that they expect will have a significant impact on the financial services sector in 2025, including motor finance remediation and the future of the FCA Handbook.
They also ask what the growth agenda (and the Chancellor’s Christmas challenge to each regulator) will mean in practice.
Episode 69: Regulatory update – where are we at the end of 2024?
In our final episode of the year, David Morrey and Ben Farmer discuss the latest updates on the motor finance saga, where the Supreme Court has expedited an appeal involving Close Brothers, and the FCA's involvement in urging a swift resolution.
The conversation also covers other topics related to this regulator:
Consumer Duty feedback, and review of it in annual reports
Insight on complaints and
Episode 68: Regulatory update – the Government's financial services reforms
In the latest episode David Morrey and Ben Farmer discuss a bumper list of current regulatory issues as previewed in Rachel Reeves's Mansion House speech, aimed at unlocking innovation and growth:
Modernising the Financial Ombudsman Service
The Government's desire to modernise the Financial Ombudsman Service framework, including the previously issued call for inputs.
Certification regime consulta
Episode 67: Navigating motor insurance total loss claims
In this episode, we delve into the key aspects of motor insurance total loss claims.
Blandine Arzur-Kean, Managing Director, Grant Thornton is joined by colleague Philip Tregurtha, Director, Grant Thornton and Kate Pender, CEO, Fair4All Finance, to discuss:
best practices for vehicle valuation and settlement processes
fair and standardised processes for settling claims
supporting vulnerable custo
Episode 66: Court of Appeal ruling on motor finance commission
David Morrey, Head of Financial Services Regulatory Advisory, and Paul Garbutt, Head of Banking, discuss the recent Court of Appeal decision regarding motor finance complaints, which requires greater disclosure of commissions paid to brokers and explicit consent from borrowers.
This decision has significant implications for the industry, extending beyond regulatory requirements to contract law. Du
Episode 65: Reflecting on one year of the Consumer Duty
It’s been over a year since the financial services industry began embedding the Consumer Duty for existing products. The FCA’s relentless focus on good consumer outcomes is reshaping the landscape.
In our latest podcast episode Blandine Arzur-Kean is joined by regulatory experts David Morrey, Peter Lovegrove, and Supriya Manchanda to discuss:
the impact of the Consumer Duty
challenges firms are
Episode 63: Regulatory update - Regulatory Initiatives Grid 2024
As the eighth edition of the FCA's Regulatory Initiatives Grid was delayed due to the General Election, an interim update to the November 2023 publication has been released for the period October 2024 to March 2025.
In this episode of the podcast, David Morrey and Ben Farmer pull out 10 key takeaways:
Diversity and inclusion
Basel 3.1 rules
Prudential framework
FCA's updated enforcement guide
Remu
Episode 63: Regulatory update: FCA's clear verdict – why firms are still missing the mark
David Morrey and Ben Farmer dive into the latest key regulatory updates.
Consumer Duty
The FCA's thematic review 24/2 on product governance and its implications for the market, including the importance of firms adhering to product governance rules and the FCA's expectations around product reviews, fair value assessments, and the need for firms to provide evidence to support their conclusions. Th
Episode 62: Regulatory Update - Consumer Duty; let the rule changes begin
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
Episode 61: Regulatory update – Diversity to de-banking: The FCA's Roadmap for 2024
David Morrey and Ben Farmer discuss the impact of the general election on the financial services sector, such as the delays to the Regulatory Initiatives Grid, the Finance Act, the alternative investment fund designation bill, and the FCA's proposals on naming and shaming. Other topics discussed include:
The FCA's decision to allow four insurers to resume selling GAP insurance after withdrawing i
Episode 60: Motor finance claims - what's next for consumers and firms
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 discreti
Episode 59: Regulatory update - FCA regulation updates and challenges
The controversy over the FCA’s proposal to name and shame firms under investigation and the political and industry opposition to it, PRA Business Plan and its focus on international policy, growth and AI regulation and the FCA’s finalised guidance on anti-greenwashing are just some of the key topics discussed by David Morrey and Ben Farmer in this episode. Other developments discussed include; FCA
Episode 58: Regulatory update – FCA Business Plan
The FCA Business Plan 2024/25 landed slightly earlier than usual, but the content and structure are very similar to last year's plan. There's a continuation of familiar regulatory proprieties, but the growing remit and responsibilities of the FCA are clear. David Morrey and Ben Farmer delve into it, and discuss what it means for businesses in the rest of the year and beyond. Other key topics inclu
Episode 57: Insurance challenges and trends for 2024
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 an
Episode 56: Banking and capital markets challenges and trends for 2024
Volatile interest rates, AI, and technology, regulation, and macroeconomic uncertainties are just some of the challenges the banking and capital markets will continue to face this year. The sector will need to ensure they have the correct processes, governance, and agility to adapt effectively.
In our latest podcast, Head of Financial Services, Alex Ellerton is joined by Paul Garbutt, Partner, Hea
Episode 55: Regulatory update – FCA feedback on Consumer Duty implementation
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
Episode 54: Investment management challenges and trends for 2024
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, Dir
Episode 53: Regulatory update – PPI with wheels on?
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-recor
Episode 52: Regulatory update – Horizon scanning and regulatory developments
David Morrey and Ben Farmer discuss regulatory topics for 2024 that will have a significant impact on institutions operating in the financial services space. They also touch upon Consumer Duty next steps, operational resilience and expected supervisory activity over the next 12 months.
Episode 51: COP28 Principles for Responsible Banking
In this episode Irina Velkova welcomes Eric Usher, head of the UNEP Finance Initiative, to discuss its Principles for Responsible Banking (PRB). We also addressed The Paris Agreement, critical agreements for COP28, challenges hindering global efforts to finance sustainable projects, and delivering climate goals.
Episode 50: COP28 transforming finance
In this episode, Irina Velkova welcomes Niki Mardas, Executive Director of Global Canopy, to discuss nature-positive investments, COP28 notable moments and key takeaways, the State of Finance for Nature report, and TNFD final recommendations for nature-risk management and disclosure.
Episode 49: regulatory update – a Christmas hamper of new regulations
In our final podcast of the year David Morrey and Ben Farmer discuss the latest edition of the Regulatory Initiatives Grid and recap on regulatory policy publications covering access to cash, sustainability disclosures, critical third parties, the advice guidance boundary and much more.
Episode 48: COP28 investing in the transition to a more sustainable economy
In this episode Irina Velkova welcomes Chris Dodwell, Head of Policy and Advocacy at Impax Asset Management, live at COP28, to discuss the role of investors in contributing to climate solutions. We also covered what's happened since The Paris Agreement, critical agreements for COP28, and investors approach to risk, including policy risk and country risks.
Episode 47: COP28 the role of insurance in accelerating transition
Can insurance be a force for good in the fight against climate change? In this episode Irina Velkova welcomes Anthony Hobley, Senior Strategic Advisor at Howden Group, live at COP28 to discuss the role of insurance with respect to net zero nature-positive transition. We also covered acceleration of carbon extraction development and carbon capture storage, as well as standardisation of carbon track
Episode 46: COP28 driving sustainability
We bring you this episode live from COP28, where Irina Velkova welcomes Michael Mainelli, Lord Mayor of the City of London. The Lord Mayor has voiced that climate action is investable and solvable, so in this episode we delve into this further, discussing the important decisions that will come out of COP28, carbon credit-trading, and Government Green Bonds.
Episode 45: COP28 fossil fuel phaseout
Fossil fuel debate takes centre stage as COP28 continues in UAE, with more than 100 countries already supporting a phase-out to bring fossil fuel emissions to zero.
We bring this episode live from COP28 where Irina Velkova welcomes Andrew Griffiths, Director of Policy & Partnerships at Planet Mark, to discuss the latest update on fossil fuel phase-out. The key talking point is the claim by Su
Episode 44: regulatory update - moving the dial on diversity and inclusion
David Morrey and Ben Farmer discuss new reporting changes for diversity and inclusion (D&I) and how firms will need to improve their D&I strategies, reporting further on disability and ethnicity alongside the already-reported gender pay gap.
Other developments discussed include: Consumer Duty, crypto, interest rates, and much more – sharing insight on how firms and consumers can prepare fo
Episode 43: Regulatory update: Delivering ’fair value’ through the Consumer Duty
What factors affect 'fair value' for the Consumer Duty?
Setting higher and clearer standards for firms of consumer protection within the financial services sector, David Morrey and Ben Farmer discuss the FCA's Consumer Duty initiative and the outcomes that it's trying to achieve through 'fair value' in their recent regulatory update.
Other developments discussed include: cost of living, crypto,
Episode 42: What are the key priorities for internal audit?
In a fast-changing financial services landscape internal audit has become a force of innovation in its own right. Can your own function keep up with the pace?
To find out more about what’s happening in internal audit, listen to a special episode of our financial services regulatory podcast.
Rob Benson and Vivian Lagan from our financial services business risk team are joined by a panel of experts
Episode 41: regulatory update – cost of living pressures
As the cost-of-living crisis continues to impact the UK, households are facing challenges with repayments and interest rates: from mortgages to everyday spending.
In July’s regulatory update, David Morrey and Ben Farmer discuss the latest pressures on businesses: the Consumer Duty, mortgage and interest rates, Solvency II, enforcement cases, and more – sharing insight on how firms and consumers ca
Episode 40: Consumer Duty - a strong case for mastering technology
The next Consumer Duty deadline comes into force in July this year. Introducing new arrangements, enhancing existing governance, making fair value assessments, monitoring processes, and ensuring they can demonstrate compliance by the deadline has been an intensive and challenging journey for many firms.
In this episode, Irina Velkova welcomes Joseph Twigg, CEO at Aveni, and Simon Murphy, Sales an
Episode 39: regulatory update – the upcoming Consumer Duty deadline
As the next Consumer Duty deadline fast approaches, David Morrey and Ben Farmer discuss what looms for firms, and which assessments will help them meet the new requirements as they prepare for the significant restructuring of consumer protections.
Other developments discussed include: sustainability, greenwashing, mortgages, the Prudential Regulation Authority’s Business Plan, climate change, and
Episode 38: regulatory update – consequences of the (latest) banking crisis
In this episode David Morrey and Ben Farmer discuss learnings from the collapse of SVB, the FCA Business Plan, the Financial Services and Markets Bill's progress through the House of Lords, and the first consultation on the Senior Managers and Certification Regime – sharing insight on how firms and consumers can prepare for the changes ahead.
Episode 37: regulatory update - FCA Business Plan
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 whole
Episode 36: Sustainability Disclosure Requirements - where do we stand now?
The FCA has made it clear in their recent consultation paper that it is determined to tackle greenwashing and has highlighted that it will apply the marketing guidelines as early as June 2023, once the final rules are published.
In this episode, Irina Velkova is joined by Sarah Woodfield, Active Ownership Manager at Schroders, and Kate Boulden, Associate Director, Alternative Investment Management
Episode 35: banking challenges and trends 2023
Basel 3.1, interest rate environment, regulation and macroeconomic uncertainty are just some of the challenges the banking sector will continue to face this year. Banks need to ensure they have the correct processes, governance, and agility to adapt effectively.
In our latest podcast, our regular host Irina Velkova is joined by Paul Garbutt, Partner, leader of our financial (prudential) regulatory
Episode 34: investment management challenges and trends for 2023
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 Jon
Episode 33: regulatory update - Regulatory Initiatives Grid 2023
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.
Episode 32: regulatory update – FCA Feedback on Consumer Duty
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, includin
Episode 31: A financial services forecast for 2023
2022 gave us new operational resilience expectations, the Consumer Duty, and a magnified outlook on climate change and biodiversity. But with firms now integrating these changes into their strategies, what will the year ahead bring?
In this episode Irina Velkova is joined by Robert Hannah, Head of International, Large Corporate and Governance Advisory, who also sits on our strategic leadership tea
Episode 30: regulatory update - the Edinburgh Reforms
The Edinburgh Reforms will consist of over 30 regulatory changes, aiming to lead development and competitiveness in financial services. As the Chancellor only announced 13 of them in his December speech, there's still plenty of scope to speculate on what they might look like.
Alongside a discussion of the reforms, David Morrey, and new co-host Ben Farmer, tackle other developments within financia
Episode 29: regulatory update – a reflective farewell to 2022, and Gavin Stewart
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.
Episode 28: regulatory update – should we be waving goodbye to de-regulation?
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 insi
Episode 27: the insurance sector – tackling challenges
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
Episode 26: regulatory update – regulation in the age of uncertainty
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',
Episode 25: Meeting new operational resilience expectations
The new operational resilience rules have been effective since March 2022, forcing firms to think much more about how they communicate with customers when disruption does occur. Further regulatory developments are expected in the upcoming period to 2025, which will require firms to transition into new requirements.
In this episode, Irina Velkova is joined by Joanne Johnson, Head of Operational Re
Episode 24: Consumer Duty - an overhaul of consumer conduct regulation
What changes have been made with the Consumer Duty’s final rules since the FCA’s last consultation? And when are financial services firms expected to start implementing the regulation?
The Financial Conduct Authority (FCA) has published the final rules for its new Consumer Duty. The rules set a higher bar, building on the previous conduct-based initiatives that underpin its expectations – pushing
Episode 23: regulatory update - changing faces in government and at the FCA
The FCA have appointed a new chair, six new directors, as well as an additional 500 hires. Will these leadership changes, as well as new leadership in government, impact the way regulators operate?
In our latest regulatory update David Morrey and Gavin Stewart discuss the latest developments, including: changes in FCA leadership, the cost-of-living crisis, crypto-regulation, and their summer holid
Episode 22: regulatory update - a response to the inflationary crisis
The new inflation figures have come out and a 40-year record has been set, impacting the cost-of-living crisis once again. As customers are feeling more vulnerable, we're starting to see regulatory moves are being made to relieve the crisis going forward.
In our latest regulatory update, David Morrey and Gavin Stewart discuss recent developments including: the cost-of-living crisis, Regulatory I
Episode 21 Biodiversity - the opportunity in financial services
Financial services' role in driving climate change action now includes delivering the ESG agenda. Biodiversity is another environmental risk and increasing focus for sustainable investing, and the regulators are likely to increase regulation and reporting requirements in this area, putting pressure on firms to assess the impact of their actions on nature. But, it also brings opportunities.
In this
Episode 20: regulatory update - the cost of living crisis
On 5th May 2022, the Bank of England (BoE) announced the latest base rate of 1%, increasing from 0.25%, with potential continued small rises to inflation and prices. The latest Regulatory Initiatives Grid (RIG) also references the cost of living crisis: "we will have a pivotal role in supporting consumers, particularly those in vulnerable circumstances. We stand ready…" and warns there could be ch
Episode 19: capital market trends – adapting to change in 2022
Navigating 2022 requires resilience, preparation, and adaptation. Capital markets have encountered the immediate impacts of geopolitical fragility, with markets reflecting the increased risk as well as the pressure on inflation, energy prices, and supply chains. The sector also faces continuing challenges from post-LIBOR era and post-Brexit regulatory requirements, and ESG net-zero targets. In thi
Episode 18: regulatory update - FCA Business Plan 2022/23
The Financial Conduct Authority (FCA) have published their Business Plan for 2022/23. This year the plan has a strong alignment with the FCA's strategy, focusing on three areas: 'reducing and preventing serious harm; setting and testing higher standards; promoting competition and positive change.'
The Business Plan also proposes detailed metrics to measure progress against their commitments for 20
Episode 17: Banking challenges and trends 2022
Geo-political factors, ESG, cyber risk and the struggle for talent are some of the challenges the banking sector will continue to face this year. On top of this, pandemic recovery is still ongoing for many. Banks need to ensure they have the correct processes, governance, and agility to adapt effectively. In our latest podcast episode, our regular host Irina Velkova is joined by Paul Garbutt, Bank
Episode 16: What to expect for investment management in 2022?
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 p
Episode 15: Regulatory update - The FCA responds to external events
The Financial Conduct Authority (FCA) continues to respond to external events: including the impact on regulation of UK sanctions relating to Russia, cost of living increases, global action on cryptocurrencies and a potential strike vote from its own staff. In our latest regulatory update, David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Ga
Episode 14: Financial services hot topics 2022
What are the hot topics for the financial services industry in 2022? COVID-19 has dictated the narrative for the last two years, but as we transition into a post pandemic world this year promises a lot of focus on risk and regulatory matters, much of it driven by regulators. In this episode, Irina Velkova is joined by Sandy Kumar, Head of Financial Services and Business Risk Services, Grant Thornt
Episode 13: Regulatory update - The regulators changing focus
Regulators are facing a shift in focus - with a big emphasis on responding to external events. With rising inflation rates, cost of living, possible industrial action of its own, firms must be prepared to adapt to new regulatory agenda items in the upcoming months. Current consultation papers, such as that on Appointed Representatives, would attract bigger headlines in more normal times. David Mor
Episode 12: The future of work - Is hybrid working here to stay?
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 t
Episode 11: Regulatory update - FCA’s 2022 priorities
On 31 December 2021 the Financial Conduct Authority (FCA) issued a press release reviewing its highlights of the year. Now, it's time to ask, what will the regulator's key priorities be in 2022?
David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP return in for our monthly podcast to discuss wha
Episode 10: Regulatory update - 2021 reflections
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 bac
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