PwC's financial services risk and regulation podcast, Risk & Regulation Rundown. We discuss the latest developments affecting the industry, insights from our work with clients, and our perspective on industry talking points.
In this episode we discuss the FCA’s proposals for a new consumer duty, as well as how the UK’s regulatory framework is evolving outside of the EU. PwC Manager Tessa Norman is the host for this episode, with regular host Andrew Strange joining as a guest to discuss how a consumer duty would impact both firms and customers, alongside PwC Director Conor MacManus, who covers the changing shape and increasing scope of UK regulation.
We discuss how the consumer duty proposals could impact product design, business models and accountability. We also consider how the proposals fit within the broader shift towards a more outcomes and principles-based approach to regulation – and the benefits and challenges that brings for firms.
In this episode we discuss ESG, or environmental, social and governance issues – returning to the subject of one of our most popular episodes (check out Series 2 Episode 1: Finding purpose through ESG). Regular host Andrew Strange is joined by Jon Williams, a Partner in our sustainability and climate change team and a member of the FSB’s Task Force on Climate-related Financial Disclosures, and Luke Nelson, a Senior Manager in our Regulatory Insights team.
We discuss the packed regulatory agenda, how firms are tackling issues such as social purpose, diversity and net zero strategy, and the challenges and opportunities that ESG initiatives bring.
In this episode we discuss the UK authorities’ finalised approach to operational resilience. Regular host Andrew Strange is joined by Adam Stage, who leads PwC’s regulatory insights on operational resilience, and Kelechi Igboko, a Director who leads the operational resilience work we deliver to a range of clients. We cover what firms need to do to comply with the policy and how they can overcome some of the challenges it brings.
For more information on the UK authorities’ final policy, please see our Hot topic publication, as well as our publication on the PRA’s outsourcing and third party risk supervisory statement.
In this episode we discuss the FCA’s final guidance on the fair treatment of vulnerable customers. Regular host Andrew Strange is joined by PwC Partner Angus Goldie and Conor D’Arcy, Head of Research and Policy at the Money and Mental Health Policy Institute, to discuss how the guidance will impact both firms and consumers. We cover how the guidance will be supervised and enforced, the challenges firms face in meeting regulatory expectations, and the extent to which the guidance will help consumers.
This episode explores one of the first post-Brexit regulatory initiatives to hit financial services firms: the Investment Firm Prudential Regime (IFPR). Regular host Andrew Strange is joined by PwC Partner David Croker and PwC Director Jill Townley to discuss how the regime will impact the way firms approach risk and remuneration; what firms need to do to prepare for implementation; and how the UK and EU regimes compare.
In this episode, we discuss the rapidly evolving cryptoassets market. Regular host Andrew Strange is joined by Henri Arslanian, PwC’s Global Crypto leader who’s based in Hong Kong, and Sharon-Marie Fernando, a Senior Manager in PwC’s UK Financial Services Regulatory Legal Practice. We cover how regulators are developing their approaches to cryptoassets, both in the UK and elsewhere, and the challenges and opportunities that cryptoassets present for financial services firms.
In this episode, we discuss the regulatory landscape for insurers, from the impact of climate change, to upcoming changes to the prudential rules. Regular host Andrew Strange is joined by Rod Bryn-Hussey, a Director in PwC’s Insurance Risk and Regulation practice, and Anirvan Choudhury, a Senior Manager in PwC’s Regulatory Insights team. We cover how the climate change agenda is impacting insurers, what the UK’s review of Solvency II means for firms, and how competing regulatory priorities fit together.
HM Treasury (HMT) joins us for this episode, as we discuss how the regulatory framework will develop in a post-Brexit world. Regular host Andrew Strange speaks to Lee O’Rourke, Senior Policy Adviser for the Future Regulatory Framework at HMT, and Conor MacManus, a Director in PwC’s FS Regulatory Insights team, about how the future framework is taking shape, and some of the benefits and challenges it might bring for firms and regulators.
In this episode, we discuss how consumer insights and behavioural economics can inform regulation and firms’ approaches to compliance and performance. Regular host Andrew Strange is joined by Sam Grew, an Insight Consultant for PwC Research, and Patrick Welsh, a behavioural scientist focused on the future of work. We talk about how regulators and firms use consumer research and behavioural science, and how behavioural science can shape organisational culture and the future of work.
In this episode, we discuss how firms can deliver fair value products and services. Regular host Andrew Strange is joined by Mark Spiers, a Director in PwC’s wealth management team, and Ann-Marie Stone, a Senior Manager who focuses on insurance conduct issues. We consider how firms can meet the FCA and customers’ expectations on value, particularly in the wealth management and insurance sectors, and the impact of technology and innovation. Please note that since we recorded this episode, the FCA has published a call for input on the consumer investments market, which could have further implications for value in the wealth management sector. You can find out more about this call for input in our At a glance publication.
The FCA has also published the final findings of its general insurance pricing practices market study since we recorded the episode – read our analysis of the proposed final remedies.
In this first episode of our second series, we discuss the environmental, social and governance agenda (better known as ESG). New regular host Andrew Strange is joined by Elizabeth Stone, PwC’s Asset and Wealth Management Leader, and Emma Cox, PwC’s Head of Purpose and Sustainability & Climate Change Leader. We discuss the drivers that are prompting firms to focus on ESG issues, from regulation to public attitudes and investor demands. We also talk about the impact of COVID-19, how firms are increasingly focusing on their organisational purpose, and what the future holds.
This is a bonus episode from PwC’s COVID-19: Business in Focus podcast series, featuring Katie Fisher, Director of Strategy at the FCA. Katie joins series host Rowena Morris and PwC’s Financial Services Leader Andrew Kail to talk about the FCA’s priorities in its recent business plan, and how these are being impacted by COVID-19. Our guests also discuss how firms can remain operationally resilient and deliver fair value for their customers, in the current situation and beyond.
In this episode, we discuss the regulation of payments. Regular host Sarah Isted is joined by Christina Segal-Knowles, Executive Director for Financial Markets Infrastructure at the Bank of England, and Jon Maskery, a PwC Partner who leads our payments team. We talk about the rapid pace of innovation in the sector and how regulation can keep up, what future market developments such as the use of stablecoins might mean for firms and regulators, and how payment firms are dealing with the current period of disruption.
In this episode, we discuss how firms respond and adapt to change. Regular host Sarah Isted is joined by Carol Stubbings, PwC’s Global Head of People and Organisation, and Jass Sarai, PwC’s Leader of Industry for Technology, Media and Telecommunications, to talk about the skills and technologies financial services firms need to be fit for the future, as well as what they can learn from the period of disruption we’re currently experiencing.
In this episode, we discuss two areas of current regulatory focus: the Fifth Money Laundering Directive, and prudential reporting. Host Sarah Isted and guests Chris Cowin and Nigel Willis consider what the Directive means for firms, and discuss the PRA’s concerns over regulatory returns and what firms need to do to address them.
How are artificial intelligence and machine learning transforming the way financial services firms do business, and how can firms ensure they’re meeting regulatory expectations? What might the compliance function of the future look like? Host Sarah Isted and PwC guests Leigh Bates and George Povall discuss these questions and many more, as we look at how the industry is set to evolve in the coming years.
Host Sarah Isted is joined by PwC guests Sarah Nield and Conor MacManus. We discuss how firms should navigate regulatory expectations around how they treat vulnerable customers, as well as looking ahead to what’s on the regulatory agenda for 2020 and beyond.
Host Sarah Isted is joined by PwC guests Stella Nunn and Jon Williams. We discuss how financial services firms are developing their approaches to operational resilience (and why impact tolerances are like being punched in the face), and the risks and opportunities presented by climate risk.
Host Sarah Isted is joined by PwC guests Nassim Daneshzadeh and Arthur Hughes-Hallett. We discuss how firms are navigating the challenges relating to LIBOR transition, and how firms can maximise the opportunities arising from industry disruption more broadly.