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

14 June 2018

FCA focus on vulnerable customers hits high-cost credit

By John Coley and Tessa Norman As part of its proposed new approach to consumers, the Financial Conduct Authority (FCA) wants to prioritise those who are most vulnerable, and have the lowest financial resilience. It consulted on this approach in November 2017, prompting questions about what this would mean in...

07 June 2018

IFRS 17: How can digital training help you?

Insurers are well aware by this stage in their IFRS 17 journeys that the standard is likely to cause significant changes throughout their organisations. One area our clients are starting to focus on is training; namely, how much training, to whom and at what point in the journey do they start?

23 May 2018

Brexit: regulatory developments: April-May 2018

Brexit is fundamentally affecting both UK and EU-27 financial services businesses from a regulatory and supervisory perspective. Anticipating a different relationship between the UK and EU-27 post-Brexit, regulators and other policy makers are expecting significant changes to their rules and processes. Developments are moving at a fast pace and firms need to understand the business implications as events unfold. Here, we summarise the most significant Brexit-related regulatory developments over the past month.

17 May 2018

Where are all the specialists needed to implement IFRS 17?

As I continue conversations about IFRS 17 implementation plans with companies across the globe, I can’t help but notice I am being asked the same question over and over: where are all the specialists needed to implement IFRS 17?

25 April 2018

Brexit regulatory round-up: March - April 2018

By Andrew Gray and Conor MacManus Brexit is fundamentally affecting both UK and EU-27 financial services businesses from a regulatory and supervisory perspective. Anticipating a different relationship between the UK and EU-27 post-Brexit, regulators and other policy makers are expecting significant changes to their rules and processes. Developments are moving...

16 April 2018

Halfway to Brexit: some progress, but risks remain

Last month marked a major step forward in the Brexit negotiations, with the UK and EU reaching political agreement on a 21-month transitional period. Now we’re halfway through the two-year Article 50 process, the picture for financial services is starting to become clearer. But despite the progress of recent months, significant risks remain. So what does all this mean for firms?

12 April 2018

IFRS 17: Is Asia ready?

By Alex Bertolotti As I mentioned in my last IFRS 17 blog post, I recently returned from a trip to Asia, where I got the chance to visit Japan, China and Hong Kong. During this trip I gained a better understanding of Asia’s general state of readiness for IFRS 17...

04 April 2018

What’s next for the FCA’s culture agenda?

By Sarah Isted and Tessa Norman The Financial Conduct Authority’s (FCA) recent discussion paper on culture is the regulator’s first tangible output on the topic for some time. With the Senior Managers & Certification Regime (SM&CR) due to be extended to all firms next year, now feels like the right...

15 March 2018

Preparing for SM&CR: the road ahead for consumer credit firms and insurance brokers

By John Coley and Sarah Nield Following the FCA’s December technical paper on extending the Senior Managers & Certification Regime (SM&CR), firms may have hit the pause button on their implementation plans. In the paper, the Financial Conduct Authority (FCA) announced plans to delay implementation of the extended regime from...

12 March 2018

IFRS 17: What it means for tax

In my last blog on IFRS 17, I spoke about the importance of involving auditors early on. In this blog I want to address the importance of tax considerations during the implementation of IFRS 17; after all, it’s real money and in an environment where cash is king, that tends to get people’s attention.

07 March 2018

What will the ‘Basel IV’ package mean for banks?

By Hortense Huez and Reginald Hanna The finalisation of the Basel III rules, widely referred to as the ‘Basel IV’ package, marks the end of a period of regulatory change, according to the Basel Committee. On issuing the finalised rules in December 2017, the Committee stated that firms can now...

26 February 2018

Brexit and the risk of fragmentation of EU financial services

In recent weeks several economic and financial commentators on both sides of the Channel have raised concerns that the UK’s decision to leave the EU could result in fragmentation of the European market for financial services, leading to higher costs for British and European consumers. Andrew Bailey, Chief Executive of...

22 February 2018

Why FS firms are not yet fit for growth

By Simon Westcott and Miles Puttergill In order to survive the challenging market of the past couple of years, financial services industry leaders have been focused on managing costs. To their credit, they have made progress in expense reduction and efficiency. However, there is still a long way to go....

06 February 2018

IFRS 17: How best to involve your auditors

With less than 3 years now until IFRS 17 becomes effective, I would hope most insurers have already come to terms with the large role that auditors have to play in the IFRS 17 journey.

26 January 2018

Kick start your IFRS 17 training with PwC’s e-learning for insurers

Insurers have told us that they urgently need to improve their employees’ knowledge of the practical challenges and opportunities presented by the new standard. We explore some of the challenges with getting up to speed with IFRS 17 and how PwC's e-learning can help address these.

25 January 2018

IFRS 17: 2018 is a year of big decisions

A perfect storm of regulatory, tax authority, investor and analyst interest will make 2018 an interesting year. Read our latest blog to find out Alex Bertolotti's predictions of some of the main developments we can expect over the coming year.

24 January 2018

Don’t sleepwalk into a KYC arms race - Part 6: Customer is king

By Imran Farooqi Our final blog, and the most important, in the series of why now is the time to opt out of the Know Your Customer (KYC) arms race. When performing KYC, the customers’ experience should be at the forefront of the process. The less a customer has to...

22 January 2018

Facing the future with resilience

By Hannah Swain As we summon our energy and resolve for the year ahead, one thing is for sure in an otherwise uncertain landscape: operational resilience is going to be at the heart of the regulatory agenda in 2018. It is worth reflecting for a moment on the current regulatory...

17 January 2018

Understanding the PRA’s proposed treatment of bank branches

By David Kenmir and Conor MacManus The UK has traditionally been open to foreign financial services firms, something that has helped put London at the heart of global markets. On 20 December 2017 the Prudential Regulation Authority (PRA) set out how it hopes to maintain that stance post-Brexit, by publishing...

Process Intelligence: finding the “except whens”

By Ben Higgin and Rob Anderson "The process operates like this except when ..." This is something that I often hear when discussing operational processes with clients, largely because most firms don’t have a one size fits all approach to business and product models that are continuously evolving and becoming...