66 posts categorised "Conduct and culture"
02 July 2020 A live SMR test: lessons in governance from COVID-19 Lessons in governance from COVID-19 and how to think about the post-pandemic environment.
16 April 2020 Living with Lockdown - COVID-19 and client assets (CASS) With the challenges faced by us all in relation to responding to COVID-19, what should firms be considering when it comes to protecting clients' assets?
28 February 2020 Later life mortgages: Will people really still be working at 90? Mortgage terms are increasing and lasting later into a customer’s life. But are lenders doing all they should to fully assess the new and exacerbated risks that these new lending trends create, such as plausibility of income?
06 February 2020 Time to capitalise on the changing face of financial ‘advice’ In this blog, Andrew Strange discusses the complexities for financial service companies on providing advice to clients and customers.
25 November 2019 Highlights of PwC’s 2019 with-profits survey By Philippe Guijarro, Rebecca Macdonald and Kris Overlunde With-profits may be in decline but remains firmly in the spotlight, whether that be due to acquisitions,...
21 October 2019 What does being responsible for climate risk really mean? It’s clear that climate risk is an issue the PRA wants firms to take seriously and address urgently. The prudential regulator wants firms to recognise that climate change, and society’s response to it, present financial risks. These could arise through physical risks such as increased instances of extreme weather events, but the regulator is also particularly concerned about the shorter-term transition risks that could impact the financial system as we move towards a lower-carbon economy.
03 September 2019 Tackling vulnerability and financial exclusion: When talk can be highly valuable Financial vulnerability and exclusion are widespread but often hidden problems. That’s why it’s so important that we get them out in the open and have a real conversation about the risks and how to tackle them.
27 June 2019 Ensuring resilience - from Cloud to climate change Just as policemen seem to be getting younger, so the pace of change outlined by the Governor of the Bank of England in his annual Mansion House speech appears to accelerate every year, and this year has been no exception. Some of the statistics thrown out by Mark Carney at this year’s Mansion House event are extraordinary: last year, one fifth of sales were online, whereas this year it will be one quarter.
25 June 2019 With great computing power comes great accountability Scroll through a newsfeed nowadays and it’s difficult to avoid the latest take on innovative technologies such as Artificial Intelligence (AI), machine learning and advanced data analytics. These technological developments are beginning to disrupt the way in which financial services firms operate. A recent report by PwC shows that, while firms are at varying degrees of maturity in adoption, many are now embracing these technologies to transform activities such as risk management, fraud detection and post-trade processes. While these innovations are likely to be adopted by many within financial services, debate is growing around the disruptive power of new technologies and who is ultimately accountable for ensuring they are used responsibly.
04 June 2019 Becoming operationally resilient - the imperatives: Part 2 - the commercial imperative In part 1 of this blog we unpicked the business plans for 2019/20 for the FCA and PRA insofar as they relate to operational resilience. The main message we would take from the FCA plans, which reveal the most detail, is that the regulator has a wide programme of supervisory activities based on existing regulation, before it factors in the work on any new policy statement.
08 May 2019 The Value of the Value Assessment The value assessment is a valuable exercise: asset managers that have embraced this challenge are seeking to enhance transparency, communications and outcomes for investors, and better manage their own fund range. But in order to realise these benefits, firms must allocate sufficient resources to designing a robust and repeatable approach that harnesses the data and analytics required to perform the assessment.
03 April 2019 MiFID II supervisory review: FCA has low-priced research in its sights The research unbundling reforms under MiFID II have been a widely debated topic across investment banking and asset management sectors in recent years. These reforms have represented a major change for industry, creating a number of challenges and important strategic questions for firms. With the Financial Conduct Authority due to publish the output of its supervisory review on this topic in Q2 2019, firms should prepare themselves for some strong messages and ongoing scrutiny in relation to low-priced research models.
13 March 2019 Meeting investment expectations: How Brexit could provide the catalyst for a more dynamic asset mix PwC explores the opportunities to develop innovative investment solutions and work with policymakers to drive sustainable change in UK Life & Pensions: A roadmap to succeed in a fast-changing sector. Fresh thinking is not only needed to break free from the constraints that hold back current investment strategies, but also embrace more complex, though potentially more rewarding, alternative investments.More and more of our life clients are asking “is our asset allocation still fit for purpose?”
20 February 2019 Taking accountability for operational resilience The operational resilience of the financial services sector, and particularly the banking sector, has rarely been out of the news in recent years. How are senior industry leader feeling as yet another operational failure hits the front pages? What is clear is that the impact of outages on consumers means industry, regulators and other policy makers are increasingly prioritising the topic. At the heart of the regulators’ philosophy on operational resilience is a view that boards are responsible for ensuring the resiliency of their institutions but that senior individuals, in the form of senior manager function 24 (SMF24) should also be held to account for operational failings
07 January 2019 What firms should look out for in the FCA’s IPO review Those involved in primary capital markets will have noticed that the FCA has been particularly active in this space in recent years, and the regulator’s 2018/19 business plan suggests this is set to continue. A core aspect of its wholesale supervisory agenda is to review how firms have implemented a series of new UK and EU-wide rules related to the management of securities offerings, as well as how those rules are impacting on market practice. But where is the FCA likely to focus its scrutiny, and how can firms prepare to meet the regulator’s expectations?
14 December 2018 A CASS Reflection - Governance and oversight of CASS activities delegated to other parties Firms are increasingly relying on a range of third parties to deliver their business objectives, accessing specialist skills and markets, while realising often sizable cost and operational efficiencies. The scale and complexity of these relationships, the pervasive nature of the risks they introduce, and the potential implications for market stability all combine to ensure that this has become a priority focus for regulators, especially the governance and oversight frameworks that firms have in place over these.
30 November 2018 Financial services: Can social responsibility ever go too far? “With great power, comes great responsibility” - words that may mean more to some than others, but which resonate more than ever in today’s world of big data and sophisticated analytics. While the power of data and analytics have been utilised by financial services for decades, the Financial Conduct Authority’s priority focus on vulnerable customers and its expectation of firms has sparked a shift in its use. Firms are now starting to use the power of data to help identify customer behaviours and potential vulnerabilities. Such a detailed understanding of customers is without a doubt very useful, but with this greater power of understanding, should firms be more socially responsible for their customers? And can a firm ever go too far in this regard?
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...
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...
20 December 2017 When one SM&CR delay can lead to another By Grant Lee The Financial Conduct Authority (FCA) and Prudential Regulation Authority’s (PRA) long-awaited technical consultations, to put more flesh on the bones of July’s...
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)....
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...
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...
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...
- Andrew Gray
- Ann-Marie Stone
- Asset Management market study
- Be fearless
- Brian Polk
- Conduct and culture
- Conor MacManus
- Daniel de Búrca
- Financial crime
- Financial Participation
- Grant Lee
- IFRS 17
- MiFID II
- Operational Resilience
- Risk strategy
- Sarah Isted
- Senior Managers & Certification Regime (SM&CR)
- Senior managers regime
- Simon Chard
- Solvency II