Following the financial crisis, stability and doing the right thing for customers and clients is now as equally important as profit. To achieve this difficult balance firms need to address their customer strategies, culture and conduct risk appetite together. Whilst intuitively the link between customer, culture and conduct is clear, in practice responsibility may sit in different parts of the business who are often working to very different objectives. Firms that can demonstrate their people put the interests of the customer at the heart of the decision making process, and are rewarded for doing the right thing, will help rebuild trust with customers, investors and regulators.
This Hot Topic describes the updated approach to insurance supervision by Prudential Regulation Authority and Financial Conduct Authority.
Basel III and beyond: Stretched to the limit: Dealing with the implications of the NSFR
This webinar considers the issues raised by the FCA Risk Outlook for 2014/15 and how your firm should respond. Chris Woolard, Director of Policy, Risk and Research joined our PwC panel to discuss this further.
This summary details the relevant key points covered in the Business Plan and Risk Outlook for the asset management industry. Click on the PDF above to find out more.
The FCA and PRA publishes a policy and supervisory statement allowing with-profits mutuals to apply for a rule modification so they can establish a mutual members’ fund.
One of the biggest changes to the UK pension is that savers are no longer compelled to purchase annuities upon retirement. Find out what these significant changes mean for the industry and what challenges and opportunities lay ahead.
The FCA announced the first in-depth thematic review of the consumer credit market on 12 March 2014.
Now that UK regulators have issued the final banking regulations around remuneration, Jon Terry and Tom Gosling look at the people working for financial services organisations who are likely to be most affected by the rules, the so-called ‘Code Staff’ or material risk takers.
Following a detailed review of the annuities market, the FCA has found that 80% of consumers who purchase their annuity from their existing provider could get a better deal if they shopped around.
In the first of our Conduct Soundbites series, David Taylor, Financial Services Risk and Regulation Partner, talks about the changes following the introduction of the Financial Conduct Authority (FCA) in 2013, what your business is going to look like as a result of this and how can you can come out on top.
2013 was an interesting year for banks, with a lot of attention in particular on bankers' pay. Jon Terry and Tom Gosling take a look at what actually happened to bonus pools in 2013 and what we can expect in 2014.
The Financial Services Consumer Panel (FSCP) released the findings of its research into the consumer experience of purchasing an annuity.
The European Securities and Markets Authority (ESMA) communicated its views on complex investment products in two publications on 7 February 2014; Risks of investing in complex products for consumers, and Opinion – MiFID practices for firms selling complex products for firms.
This report looks at how the study of behavioural economics can be used by firms to develop strategies, products and information which encourage customers to make better financial decisions.
On 1 April 2014, the Financial Conduct Authority will begin regulating all firms that hold existing OFT credit licences.
The FCA published FG14/1: Supervising retail investment advice: inducements and conflicts of interest on 16 January 2014. The FCA has tightened the interpretation of existing inducements and conflicts of interest rules , following its 2013 thematic review, which identified failings in firms’ compliance with RDR inducement rules.
The government laid two statutory instruments relating to the transfer of consumer credit before parliament on 14 January 2014. Treasury updated its website, and the FCA published an FAQ on the aspects relating to local authorities.
This webinar considers how the FCAs new competition powers, and more intrusive supervisory approach, is impacting the day-to-day business of our clients.
This document provides information on how to effectively manage product governance and the product lifecycle.
Jon Terry and Tom Gosling explore the CRD IV regulations and how they will impact remuneration in the banking sector.
The Financial Conduct Authority (FCA) published detailed consumer credit rules on 3 October 2013.
The Competition Commission published their consultative Statement of Issues on 16 August 2013. As part of its investigation into the payday lending industry, the Commission collects and analyses information on the market. To provide focus for this analysis it sets out ‘theories of harm’ which could have a negative impact on competition.
The Financial Conduct Authority (FCA) updated its website with the changes in scope of its consumer credit regulation on 15 August 2013.
Recent article by David Taylor in Thomson Reuters complinet.com on managing conduct risk
The FCA published its first RDR thematic review on 25 July 2013. TR13/5 focused on the first round of thematic work following 31 December 2012 RDR implementation deadline.
ESMA published its final Guidelines on remuneration policies and procedures on 11 June 2013. The guidelines are intended to clarify and strengthen how existing MiFID remuneration rules are applied.
The FCA wrote to all consumer credit licence holders in July, asking them to confirm that their details shown on the OFT online register are correct.
The Financial Conduct Authority (FCA) has secured agreement from seven of the largest UK banks to use the same day ‘retry system’.
In response to various industry questions on RDR, the FCA published CP13/4 Distribution of retail investments: referrals to discretionary investment managers and adviser complaints reporting on 4 July 2013.
The Financial Ombudsman Service (FOS) published a technical note on its approach to complaints arising from insurance non-disclosures on 23 May 2013, after the Consumer Insurance (Disclosure and Representations) Act 2012 came into force on 6 April 2013.
The European Banking Authority's (EBA's) Board of Supervisors approved last week a draft regulatory technical standard (RTS) on the definition of material risk takers (MRTs). The RTS includes a requirement that all employees whose total remuneration is greater than €500,000 should be deemed to be MRTs. Assuming that it is approved, the RTS will come into effect during 2014, ahead of the 2014/15 remuneration round.
The FCA wants mortgage lenders to report more graanular data
The Financial Conduct Authority (FCA) is only just getting going, but it’s already clear that it intends to reach into new areas not touched by the Financial Services Authority (FSA). Building on our recent webcast on conduct, we share our thoughts on how you can stay ahead of the conduct agenda in this publication.
The Financial Conduct Authority (FCA) published its evidence from a field trial, on 10 April 2013. The FCA’s first randomised field trial has generated real world case studies designed to help the FCA develop effective market interventions.
HM Treasury issued a statement on its website on 25 April 2013 regarding the special resolution regime under the FS Act 2012. A few provisions of the FS Act have not yet been brought into force, including the extension of the special resolution regime to group companies, investment firms and UK clearing houses.
Clive Adamson, the FCA’s Director of Supervision, spoke on the importance of culture in driving behaviour of firms and how the FCA will assess this on 19 April 2013.
HMRC published Revenue and Customs Brief 09/13 on 17 April. Retail Distribution Review prevents corporate pension scheme managers from receiving commission from pension funds. Such commissions had always been exempt from VAT as charges for intermediation services.
The Financial Conduct Authority published its latest aggregate complaints data on 15 April 2013. During the second half of 2012, consumers made over 3.4 million complaints against regulated firms, an increase of 1% compared to the preceding six month period.
The Financial Conduct Authority published MMR lender roadshow Q&As on 11 April 2013
FCA sets out priorities for the year ahead
The FCA published its first Conduct Risk Outlook (CRO) on 25 March 2013. The FCA intends to complement its approach to retail conduct with a strong focus on wholesale conduct
The FCA published its first Business Plan on 25 March 2013 setting out how the FCA will work to meet its objectives over the next year.
The UK Crowd Funding Association (UKCFA), the trade body for the crowdfunding sector, launched a Code of Practice for their members on 15 March 2013.
The European Banking Authority published a Report on consumer trends on 18 March 2013, following its survey of national regulators to identify current consumer protection issues.
HM Treasury has published amendments to the Bank of England Act 1998, FSMA and the FS Act 2012 in March 2013.
The Financial Services Consumer Panel (FSCP) launched its Four Pillars of Consumer Protection on 15 March 2013. The Four Pillars are a new framework aimed at enabling more effective assessment of EU financial services legislation, standards and supervision.
This webinar discusses the challenges and opportunities for the financial services industry managing conduct risk. The conduct agenda at its simplest is about how customers are treated, how firms behave towards each other and how they operate in the market.
The OFT announced on 6 March 2013 that it will take action against 50 payday lenders, unless they change their business practices in the next 12 weeks.
You will have seen the reports overnight that the Trialogue reached provisional agreement on the bonus capping provisions with the capital requirements directive (CRD) IV. We understand that there is currently no detailed draft text that sets out the proposals and that instead the agreement has been on the key features of the proposed provisions.