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Our blog explores the latest issues in financial services risk and regulation.

23 November 2017

Self-build or multi-vendor: the challenges of IFRS 17 technology

By Richard Hart Blog snapshot: No single technology vendor has an end-to-end solution so a multi-vendor approach or self-build will be needed. IFRS 17 presents an opportunity to kick start more radical change to insurance technology. Get in contact for details of our New York, Toronto, Zurich, Hong Kong, Tokyo...

20 November 2017

Senior Managers Regime: Reasonable steps - testing the outcomes

By Grant Lee and Andrew Strange A key tenet of the Senior Managers Regime (SMR) is the duty of responsibility placed on Senior Managers (SM). This is the new duty to ensure that as an SM, you have taken reasonable steps to discharge your responsibilities. On one level this doesn’t...

16 November 2017

Vulnerable customers: what the FCA’s focus on ‘low resilience’ means for firms

By John Coley and Tessa Norman After pledging to prioritise the most vulnerable consumers in its April 2017 Mission, the Financial Conduct Authority (FCA) has now begun to set out what that looks like. In a consultation on its approach to consumers earlier this month, the FCA said it will...

15 November 2017

The FCA’s competition agenda and the risks of regulatory read-across

By Andrew Strange The Financial Conduct Authority’s (FCA) competition agenda continues to take firms by surprise. Firms are having to adjust both their expectations and horizon monitoring to keep an eye out for both expected and unexpected impacts from this new stream of activity. This year asset management firms will...

14 November 2017

The future of technology risk

By David Lukeman In September this year we hosted the FS Technology Risk Leaders conference where we hosted 50 senior clients across the banking, insurance, asset management and market infrastructure sectors and the agenda focused on technology developments and the risks and regulation impacting the sector. In addition we were...

08 November 2017

GDPR compliance – financial services firms are amongst those in the lead

By Rav Hayer We recently surveyed 300 Chief Privacy Officers, Chief Information Officers, General Counsels, Chief Compliance Officers, and CEOs in US, UK, and Japanese companies about their General Data Protection Regulation (GDPR) programmes. Not surprisingly, financial services are leading on GDPR progress along with companies in the telecoms and...

25 October 2017

What will the SM&CR mean for consumer credit firms?

Senior Managers & Certification Regime (SM&CR)

24 October 2017

Grandfathering into the Senior Managers Regime – more than just a technical exercise

By Grant Lee and Andrew Strange Most firms I speak to have now broadly absorbed the proposals in the Financial Conduct Authority’s (FCA) consultation on extending the Senior Managers Regime (SMR) to all firms, published in July. The more astute, however, are beginning to think about the upcoming technical consultation,...

16 October 2017

The ever increasing cost of CASS…and how technology can help

CASS has undergone huge changes, not least in the last 2-3 years with an overhaul of the rules through PS14/09 and the introduction of the FRC Assurance Standard in 2016. The FRC Assurance Standard led firms to thoroughly analyse their end-to-end CASS relevant processes and controls, with most identifying significantly more key controls than previously documented.

03 October 2017

How can you use your investment in Solvency II to implement IFRS 17?

By Anthony Coughlan Blog snapshot Insurance companies can use some models, systems and processes developed for Solvency II for IFRS 17. It is important to understand the differences between Solvency II and IFRS 17, not only so you know the scope of developments required, but also so you can manage...

27 September 2017

How to handle consumer credit complaints the right way

By John Coley and Tessa Norman Consumer credit firms could be forgiven for expecting a break in regulatory activity after a busy summer. In July alone the Financial Conduct Authority (FCA) published consultations on consumer credit affordability guidance, staff remuneration and extending the Senior Managers and Certification Regime to all...

22 September 2017

How IFRS 17 impacts CSM - Actuaries vs Finance

By Alwin Swales Blog Snapshot: The contractual service margin (CSM) is a significant part of IFRS 17 How are insurance companies factoring this into their IT strategy? As all insurance companies are probably aware by now, the introduction of IFRS 17 comes with many new requirements. One of these new...

13 September 2017

Client Asset oversight … when one becomes two

By James Steele-Perkins and Rob Anderson The Financial Conduct Authority (FCA) recently consulted to extend the Senior Managers and Certification Regime (SM&CR) to all sole FCA regulated firms. While wide ranging in scope, there are some particularly interesting Client Asset (CASS) requirements which firms need to consider, subject to the...

11 September 2017

The future of compliance: How a new breed of technology is changing the way we manage compliance

By Mark Gossington Regulatory Technology (or RegTech for short) is one of most exciting developments to have emerged from the FinTech sphere in recent years. The Financial Conduct Authority describes RegTech as “the adoption of new technologies to facilitate the delivery of regulatory requirements.” As regulatory compliance has become more...

06 September 2017

Learning the lessons from the Senior Managers Regime

By Sarah Isted Over recent weeks, I've been asked by a range of clients and colleagues about the lessons learned from the introduction of the Senior Managers Regime (SMR) in the UK. These questions have been driven by two developments. Firstly, in the UK, the Financial Conduct Authority (FCA) is...

05 September 2017

How do you define vulnerable customers?

By Andrew Strange and Tessa Norman What does a vulnerable customer look like? Following the FCA’s business plan, published in April, it’s a question many firms will be reconsidering. It’s especially important given the FCA highlighted vulnerable customers as one of its six-cross sector priorities for 2017/18, saying it’s concerned...

10 August 2017

Tracking down unprofitable parts of your business with IFRS 17

By Nick Wilks Blog snapshot Many insurers view regulation as adding complexity and cost. Analysing data and tracking performance will help identify unprofitable business. Management can then make better informed strategic decisions to retain and generate profit. Regulation often causes a grimace on the face of many of my clients...

Joining the dots in asset management: SMR and the market study

The Financial Conduct Authority’s (FCA) Asset Management Market Study and the extension of the Senior Managers Regime (SMR) to all FCA regulated firms - while both topics are separately initiated, increasingly the interlinkages make considering either in isolation challenging for firms.

09 August 2017

Brexit in Financial Services – the need for transition

By Nick Forrest In the first of a suite of three articles, we explored the challenge of Brexit for financial service firms. We now look at the timescale required for implementing Brexit and our next article investigates the pragmatism necessary to avoid major market disruption. Bank transformation programmes are complex,...

08 August 2017

What should CASS mean to the second and third lines of defence for investment firms?

By Brandy Rosel and Irfan Elias Changes in the Client Money and Assets (CASS) regulatory landscape, such as the Financial Reporting Council (FRC) Assurance Standard and MiFID II, have created more business risk and therefore more challenges for Risk, Compliance and Internal Audit functions as they work to meet business...