226 posts categorised "Regulation"
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.
05 May 2020 Managing fund liquidity - does COVID-19 change things? We’ve seen a sharp drop in global financial markets in recent weeks, asset managers need to revisit their approaches to managing fund liquidity.
20 April 2020 COVID-19 - As regulators flex, so must firms COVID-19 has created challenging market conditions for insurers to navigate, read what regulators have done to allow insurers to focus on business continuity.
26 March 2020 Regulators publish guidance on the identification of key financial workers and critical outsource partners The BoE and FCA have published guidance for firms to help them identify key financial workers. Conor MacManus discusses what this means and what firms should do.
26 March 2020 Coronavirus: Juggling legal and conduct risks in general insurance On 19 March 2020 the FCA set out its expectations for insurers on how they should respond to some of the challenges caused by this coronavirus (COVID-19) pandemic.
26 March 2020 COVID-19: BoE and PRA aim to alleviate operational burdens to allow focus on what’s important To allow firms and regulators to better concentrate on managing the impact of COVID-19, the Bank of England (BoE) and the Prudential Regulation Authority (PRA) are halting or reviewing a range of supervisory and prudential-related activities.
20 February 2020 Sustainable Investment Taxonomy - the end of the beginning? Political agreement on the taxonomy is a vital first step in providing a framework to support firms in integrating sustainability considerations into the investment process and wider approaches across their business.
22 January 2020 What does the regulatory revolution on data collection mean for firms? We are going through a revolution in the way financial services firms use data. The quantity and complexity of the data available to firms is unprecedented. This brings unique opportunities to better tailor the services provided to customers but also significant regulatory, operational and even ethical challenges.
22 January 2020 New year’s resolutions (and pre-emptive recovery plans) for insurers Recovery and resolution (R&R) planning appears to have arrived in insurance, following multiple false dawns.
16 January 2020 Should EU banks be able to use capital and liquidity waivers? With European bank profitability low and coming under constant pressure, cross-border banking groups have been arguing for the ability to move capital and liquidity across borders more easily, in order to improve their efficiency in funding economic growth.
06 December 2019 What do the PRA’s changing credit risk rules mean for firms? By Stefanie Aspden and Mete Feridun. Efforts to reduce the unwarranted variability in credit risk-weighted assets (RWAs), stemming from differences in modelling practices across firms, continue to be high on the regulatory agenda in the EU.
04 December 2019 FRC Client Assets Standard 2019 Kim Stainfield discusses the revised FRC Client Assets (“CASS”) Assurance Standard and it's contribution to improvements.
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,...
25 November 2019 Keeping up with regulatory expectations in banking By Stephanie Henderson-Begg There is a scene in Lewis Carroll’s Through the Looking Glass where Alice in an encounter with the Red Queen has to...
28 October 2019 Moving away from LIBOR? Don’t forget your client You’ve thought about repapering, market liquidity, exposure monitoring…But how about your clients? By now, most asset managers are beginning to embark on the LIBOR transition journey and wonder whether they will be ready to pull the plug at the end of 2021. As they ramp up progress though, they mustn’t forget to place client outcomes at the centre of their thinking. Conduct risk now features high on the regulatory agenda, and relevant investor protection obligations under MiFID II are likely to play an important role in helping to manage such risk. In this blog, we consider some of the key aspects of the MiFID II framework that firms should carefully consider in the context of their LIBOR transition programmes.
23 October 2019 Taking stock - what next for the UK’s financial services regulatory framework review Financial services is going through a period of technological disruption and change. The sector is responding to macro-trends such as climate change, changing demographics and the risks from economic protectionism. Technology is changing the way financial services firms operate and interact with customers. Incumbents are facing increased competition from challenger firms and, perhaps increasingly BigTech firms. Policymakers are starting to respond to these developments and the scope for a change in focus is perhaps most pronounced in the UK - and not just due to Brexit.
21 October 2019 FRC CASS consultation 2019 PwC have submitted feedback to the recent consultation on changes to the FRC Client Assets (“CASS”) Assurance Standard . From our experience, we consider that the Standard has contributed to a significant improvement in the quality and consistency of CASS audits. We also believe that the application of the Standard has contributed to a significant improvement in the understanding and documentation of control processes within regulated firms. However, in order to provide a more effective framework to improve audit quality, to support CASS auditors and to underpin the disciplinary process, we believe the FRC can further improve the clarity of some of the proposed requirements.
10 October 2019 ESG regulation - are you operationally ready? As the public policy agenda for sustainable investing continues to unfold, asset managers are finding themselves under pressure to implement new requirements set out by incoming regulation. Various initiatives are nudging firms to integrate Environmental, Social and Governance (ESG) factors into their investment propositions and decisions, and to report on the sustainability performance of certain funds. With this comes changes to ESG policies, the controls and governance to implement those policies, and a more central role for ESG data on investee companies. In this blog, we consider these key operational impacts in further detail, together with some of the actions firms should take to respond.
08 October 2019 LIBOR transition: Eliminating regulatory barriers ‘The time for last orders is now’, said Sir Dave Ramsden, Deputy Governor for Markets & Banking at the Bank of England (BoE), in a speech on LIBOR earlier this summer. Time and time again, the BoE and FCA have reiterated that LIBOR will stop after the end of 2021 and that market participants should get ready for this. To reduce reliance on LIBOR, regulators and central banks from across the globe have set up working groups to develop new risk free rates (RFRs) and promote their use wherever possible
26 September 2019 Are alternatives to high-cost credit feasible? The high-cost credit market has had its fair share of change since the FCA took over regulation of the sector in 2014. As an ever present priority for the FCA, improvements to consumer outcomes in this market have been made through product interventions and by requiring better transparency, fairer collection practices and responsible lending. In tandem with these more immediate changes, the FCA has also been reflecting on longer-term solutions - alternatives to high-cost credit - to more sustainably protect the three million UK consumers using high-cost credit products. A shift towards cheaper, more sustainable alternatives could reduce instances of consumer harm and financial vulnerability, but a number of business model, legislative and consumer barriers currently stand in the way. What are these, and how can they be solved to improve the feasibility of alternatives to high-cost credit?
24 September 2019 Can you tolerate being punched in the face? Publication of the regulatory consultation paper on operational resilience is imminent. The concept of setting impact tolerances for firms’ most important business services, introduced in the discussion paper, will be integral to this. Firms should not shy away from what can seem like a difficult question. There is a logical sequence of activities that can be undertaken to set tolerances, stress test them and monitor against them. PwC has been tackling this topic with firms across the financial sector and we will publish our approach to this challenge soon. In the meantime, we strongly encourage firms to start the groundwork by being clear what important business services you operate.
16 August 2019 Regulatory challenges for banks in a no deal Brexit scenario With the Brexit negotiations currently deadlocked and no clear route towards an agreement between the UK and EU-27, the chances of a no deal Brexit are higher now than they have ever been. Banks should ramp up their planning to meet changing regulatory requirements in both the UK and EU in the event of a no deal scenario.
14 August 2019 Evolution or Revolution? HMT fires the starting gun on its review of the UK’s future regulatory framework Whatever the UK’s relationship with the EU ends up looking like, it’s clear that the UK’s regulatory framework needs to adapt to the new reality. This is driven not just by the fact that the UK will no longer be subject to the EU’s regulatory framework (assuming the UK leaves the single market), but also because of the scale of change and disruption in financial services from technology, new players and changing demographics.
12 August 2019 Sustainable investment in the spotlight: what asset managers should look out for By Lucas Penfold and Leo Donnachie Sustainable investing is attracting unprecedented levels of attention from regulators, both domestically and internationally. With an increasing public appetite...
01 August 2019 CASS audit reports on nominee companies SUP 3.10.5 R (3) requires the CASS audit report to include an opinion on a nominee in whose name client custody assets are registered. However, working out whether the rule applies in particular circumstances, and what the report should say; is less than straightforward.
- 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