Financial Services Risk and Regulation Unravelled Podcast

Grant Thornton UK LLP
Financial Services Risk and Regulation Unravelled Podcast

Grant Thornton UK LLP’s Financial Services Risk and Regulation Unravelled podcast brings you conversations about the dynamic world of risk and regulation. We help our financial services clients understand new regulatory and risk developments, upcoming changes and talking points in the industry. Led by Grant Thornton’s Partner, David Morrey and Director, Irina Velkova alongside renowned experts as they share their insights each month.

  1. MAY 22

    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    The Financial Conduct Authority (FCA) plans to strip outdated or duplicated requirements from its insurance rule book.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 review on small asset managers and alternative managers FCA's engagement paper on AI live testing regulation of crypto assets.

    25 min

  2. APR 16

    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 other priorities, and explain what they mean for businesses in the future. Read our insight to uncover that the FCA's business strategy for 2025 - 20230 means for firms - A new strategy for 2025 - 2030   Note: The FCA’s Regulatory Initiatives Grid 2025 was released after the recording of this podcast.

    24 min

  3. MAR 31

    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 managers. Consumer Support & Vulnerability: Insights into good and poor practices in consumer support and vulnerability. Ongoing Advice & Remediation: A deep dive into the FCA’s guidance on ongoing advice. Motor Finance Redress: Updates on the potential industry-wide redress scheme for motor finance, pending the Supreme Court decision. Consultation Papers & Policy Statements: A look at recent FCA consultation papers and policy statements.   Listen now for expert insights and practical takeaways on these key regulatory developments.

    27 min

  4. MAR 13

    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 (Partner, Head of Banking and Capital Markets), Rob Benson (Partner, Head of Insurance), and David Morrey (Partner, Head of Investment Management) to explore the key trends and challenges impacting financial services and its various sectors. The conversation covers: Regulatory environment Technology and innovation Macroeconomics and market trends M&A and consolidation And more

    1 hr

  5. FEB 27

    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 involving finance providers, the FCA and Markos Markou, and more.

    25 min

  6. JAN 24

    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.

    20 min

  7. 12/23/2024

    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 root cause analysis Consultation on the 'name and shame' rules Changes around MiFID in the FCA handbook Other topics include reporting requirements for life insurers, advice guidance boundary review, and the Barclays fine settlement related to the Qatari investment disclosure case.  Read more about these updates  Leave to appeal motor finance to Supreme Court, FCA open letter Letter to Supreme Court: support for application for expedition - Enforcement update https://www.fca.org.uk/news/press-releases/fca-seeks-further-views-enforcement-transparency-proposals 2024-2025 priorities for Consumer Duty https://www.fca.org.uk/publications/corporate-documents/our-consumer-duty-focus-areas  The FCA on the Consumer Duty in board reports https://www.fca.org.uk/publications/good-and-poor-practice/consumer-duty-board-reports-good-practice-and-areas-improvementComplaints root cause analysis and areas for improvement https://www.fca.org.uk/publications/good-and-poor-practice/complaints-and-root-cause-analysis-good-practice-and-areas-improvementCP24/24 MIFID Ord Regulation https://www.fca.org.uk/publications/consultation-papers/cp24-24-mifid-organisational-regulation PRA CP on liquidity reporting for insurance https://www.bankofengland.co.uk/news/2024/december/the-pra-consults-on-liquidity-reporting-reforms-for-insurersCP 24/27 advice guidance boundary https://www.fca.org.uk/publications/consultation-papers/cp24-27-advice-guidance-boundary-review-targeted-support-reforms-pensions

    27 min

  8. 12/04/2024

    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 consultation An upcoming consultation on replacing the certification regime with a more proportionate system to reduce costs. National payments The Government's plan to publish a national payments vision and launch a pilot to deliver a digital gilt instrument using distributed-ledger technology. ESG and green finance The ongoing focus on ESG and green finance, with several upcoming consultations on various related items. Financial services growth and competitiveness strategy The Government's plans to publish a financial services growth and competitiveness strategy in spring 2025, alongside a call for evidence to gather industry input on the direction it should take. FCA consultation on financial decision making An upcoming FCA consultation aimed at helping households make better-informed financial decisions as part of the advice guidance boundary review. Captive-insurance companies framework The Government's consultation on a new framework for UK-based captive-insurance companies to make the country a more attractive hub for them. Pension system reforms The Chancellor's plans to reform the pension system to allow for greater investment. Modernising the redress system A call for input on modernising the redress system, focusing on improving the process for handling mass redress-events and addressing perceived misalignments between the FCA and the Financial Ombudsman Service.   Other recent developments discussed include: FCA market study on premium finance New FCA market study on premium finance in home and motor insurance. The study aims to understand the reasons behind rising premiums and assess whether premium finance arrangements represent fair value for customers. Court of Appeal decision on motor finance The recent Court of Appeal decision related to motor finance claims, which could potentially open the door for challenges to finance-related contracts with undisclosed commissions.

    29 min
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About

Grant Thornton UK LLP’s Financial Services Risk and Regulation Unravelled podcast brings you conversations about the dynamic world of risk and regulation. We help our financial services clients understand new regulatory and risk developments, upcoming changes and talking points in the industry. Led by Grant Thornton’s Partner, David Morrey and Director, Irina Velkova alongside renowned experts as they share their insights each month.

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