Latest FSRR posts Join us on LinkedIn PwC UK YouTube channel Subscribe to our RSS feed Join us on Facebook Follow PwC on Twitter

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

23 June 2017

IFRS 17 for general insurers – what’s all the fuss about?

By Graham Oswald Blog snapshot: General insurers should not underestimate the impact of IFRS 17 for insurance contracts There will be significant financial and operational impacts for general insurers General insurers need to invest time now to assess the size of their IFRS 17 project “IFRS17 is the biggest shake-up...

12 June 2017

A new era for retail banking?

By Laura Cox and Megan Charles With banks still processing the Competition and Markets Authority’s (CMA) Retail Banking Market Investigation last year, the Financial Conduct Authority (FCA) announced its own strategic review of the sector in its Business Plan for 2017/2018, published on 18 April 2017. The FCA gave further...

05 June 2017

Have banks done enough to manage the cost of regulatory change and compliance?

Banks who start thinking about regulatory change more strategically and invest in end to end architecture will have a competitive advantage when reporting across a large regulatory change portfolio in a consistent and auditable way, and at a lower cost.

Technology is a risk to capital adequacy

By David Lukeman and Steffan Dutch The European Banking Authority (EBA) has now published its final guidelines on the assessment of Information and Communication Technology (ICT) risk. The guidelines will apply from 1 January 2018 and establish ICT as a fundamental risk that will be examined under the Supervisory Review...

30 May 2017

How tackling a lack of diversity in insurance can strengthen relationships with customers, employees, shareholders and society as a whole

By Jon Terry Women as customers are a huge opportunity for insurers, but there remains a large gender gap in leadership roles in the insurance industry with women representing just 20% of Boards and 12% of executive committees. Firms need to be able to understand and relate to their customers...

25 May 2017

A different approach to vulnerable customers

The FCA's 2017/18 business plan revealed a new cross-sector priority: vulnerable customers. The regulatory plans to prioritise vulnerable customers "over others". And it expects firms to focus on this issue more closely. So what do firms need to do differently?

MiFID II: Helping you hit the target (market)

By Philip Raines Following on from our introduction to MiFID II Product Governance in the last blog post, this blog considers how you define and agree a target market when creating and distributing a financial product. What is a target market? The term ‘target market’ is used widely in general...

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.