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

22 May 2017

KYC: Eight threats and opportunities every asset manager must now confront

By Robert Mellor PwC’s Asset Management Tax conference, held in London on 9 May, discussed the burgeoning responsibilities asset managers now face under the know-your-customer (KYC) rules and related regulation. Almost 25 years after the first anti money laundering (AML) regulation introduced financial services companies to the idea they must...

19 May 2017

Did insurers miss an open goal to resolve IT issues on Solvency II ahead of IFRS 17?

By Alwin Swales Blog snapshot: Insurance companies missed an opportunity to modernise their legacy IT systems estate during Solvency II Biggest impact on systems will be the speed of reporting required Keep an eye out for my series of blogs over the coming months Insurance companies had the chance of...

16 May 2017

FCA helps insurers focus on what matters most

Is the FCA doing insurers a favour by keeping the focus on customers in its 2017/18 business plan? We expect continuing work on ensuring the fair treatment of existing customers, the review of the pensions market, more work on governance over distribution chains and preparations to apply the Insurance Distribution Directive early in 2018.

15 May 2017

What will the Great Repeal Bill mean for financial services?

Many details are still unclear about the Great Repeal Bill, but what is clear is that the task ahead is enormous and fraught with potential for error. Both the EU and UK financial services regimes are complex, and heavily intertwined. Also, the EU legislative and regulatory framework that the UK would have to adopt has multiple layers.

The Great Repeal Bill - not just a copy and paste exercise

One of the UK’s most valued strengths as a place to do business is its robust legal system, so getting the Great Repeal Bill right is important. But what is clear is that the task ahead is enormous, unparalleled in the UK legislative history, and fraught with potential for error.

08 May 2017

The impact of Brexit on Banks booking model strategies

In this blog we look at the way in which the financial crisis has driven regulators to make banks simplify and reduce risk concentration in their booking models and how Brexit could potentially force a return to some of the pre-crisis strategies.

26 April 2017

Will your Brexit plans meet European Central Bank expectations?

Triggering Article 50 pushed banks to accelerate their Brexit planning. In this blog we discuss guidance published by the European Central Bank on its supervisory expectations in a number of key areas and what banks should consider as part of their plans.

24 April 2017

How healthy is your MiFID II programme?

A health check of your MiFID II programme should focus both on the programme governance and management as a whole as well as the individual work streams/content areas.

20 April 2017

Brexit in Financial Services - a new type of challenge

In this suite of 3 articles, we will explore the challenge of Brexit, then the timescale required for implementing Brexit and lastly the pragmatism necessary to avoid major market disruption.

19 April 2017

What can we learn from the FCA’s business plan?

Sarah Isted The Financial Conduct Authority (FCA) has set out its priorities and agenda for 2017/18 in its annual business plan. The regulator continues a number of themes from its work in 2016/17, while signalling an increasing focus on vulnerable customers, cyber resilience and FinTech. The FCA sets out six...

05 April 2017

Harrowing the ploughed field: addressing capital requirements in UK banking

This article looks at how regulators will address capital requirements as they seek to promote competition in UK banking.

04 April 2017

The impact of the Chief Data Officer being brought into the Senior Managers Regime

By Nick.Bouch and Sarah Isted At the first anniversary of the Senior Managers Regime (SMR), many firms are reflecting on their population of Senior Managers. Some are particularly looking at whether the Chief Data Officer (CDO) or equivalent should join this group of individuals. Data management has gained significant attention...

28 March 2017

MiFID II research: will your firm be ready?

Investment firms are starting to acknowledge that delays to the implementation of their research programmes won’t just jeopardise MiFID II compliance but may also lead to material revenue impacts for their businesses. Buy-side firms are now engaging with research providers to plan for how they will meet their own MiFID II obligations by the deadline.

24 March 2017

Are you aligned when it comes to the GDPR and PSD II?

So what makes a successful implementation strategy for the GDPR and PSDII programs?

21 March 2017

All change: Fast beats slow, not big beats small - How can ‘big banks’ respond as the landscape transforms?

By Martin Roets and Simon Westcott PwC research reveals that while many so-called ‘challenger’ banks do not see themselves as taking on the incumbents, their exploitation of new technology and regulation will nonetheless change the game. How should the big banks respond? Should Britain’s biggest banks be worried? New PwC...

17 March 2017

The critical role of governance, risk and control in the successful implementation of MiFID II

What makes implementation of a governance, policy and control framework for MiFID II successful?

13 March 2017

Who are you calling a challenger? Competition is alive and kicking in UK Banking

By John Lyons Competition in UK banking is alive and kicking after decades of consolidation: no fewer than 19 new banking licenses have been awarded since 2010, with a further eight pending. Our interviews with more than 25 banking CEOs who operate in the ‘challenger segment’ – as well as...

10 March 2017

Asset Management Market Study: broader challenges facing UK Asset Management firms

By Mark Pugh and Andrew Strange The Financial Conduct Authority's (FCA) Asset Management market study interim report has been of particular concern to asset management clients, since it was published in November 2016. In this video Andrew Strange, a director in our Financial Services Risk and Regulation Centre of Excellence,...

08 March 2017

FCA technology and cyber resilience request - five considerations for your response

By Simon Chard Last week a number of our clients received a letter from the Financial Conduct Authority (FCA) asking them to respond to a Technology and Cyber Resilience Information Request. This request seeks to gain insight into the cyber and technology resilience maturity of the FCA’s priority organisations across...

06 March 2017

Brexit, restructuring and the proposed EU Intermediate Parent Company requirement

Banks will need to ensure their structure post-Brexit allows them to continue to serve EU-27 customers and transact with counterparts, while at the same time minimising costly restructuring. In this article we explore the evolving regulatory framework, with important proposals in CRD 5 such as a requirement that non-EU G-SIBs and other large banks being required to form an EU intermediate parent company (IPC).