Risk & Regulation Rundown

Host Tessa Norman is joined by Andrew Douglas, Chair of the UK Accelerated Settlement Taskforce, and Menicos Kouvaros, PwC Partner, to discuss the topic of T+1 settlement reform and the journey to go-live in October 2027. With both UK and EU T+1 transition timings now confirmed, our expert guests reflect on the lessons from the North American experience and how these should inform firms' preparations for the UK's move to T+1. Our guests provide their assessment of the current state of readiness across the industry, and share perspectives on the operational, technological and regulatory challenges facing firms - including automation demands, stock lending procedures, and FX constraints. We also share views on UK and EU coordination efforts, reflecting on the complexities of transitioning in both markets.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com and menicos.kouvaros@pwc.com  To hear more from us on financial services risk & regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

In this special bonus episode, host Tessa Norman is joined by PwC Partner Sajedah Karim and Director Conor MacManus to unpack the FCA's newly released five-year strategy — and what it means for financial services firms.Our expert guests explore how the FCA aims to open up the debate around rebalancing risk, and drive a greater focus on enabling economic growth and embracing emerging technologies. The conversation dives into the regulator's shift towards a more outcomes-focused approach, and how the FCA is taking this forward through its feedback statement on reviewing rules in light of the Consumer Duty.Our guests also share practical insights on what this evolving regulatory environment means for firms — from shaping business models and strategy, to rethinking compliance in a more dynamic, tech-forward landscape.You can contact our PwC speakers if you'd like to discuss any of the topics covered at tessa.norman@pwc.com, sajedah.karim@pwc.com and conor.macmanus@pwc.com To find out more about the FCA's strategy, you can read our At a glance publication here: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments/fca-sets-out-growth-focused-strategy.html. You can also access our insights risk and regulation on our website: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html

In this episode, host Tessa Norman is joined by Duncan Scott and Rory Spedding-Jones from PwC's Technology, Data and Resilience practice, to delve into the topic of operational resilience. Our expert guests reflect on financial services firms' ongoing operational resilience journeys, how these are likely to evolve beyond the March 2025 UK implementation deadline, and how regulatory expectations are changing. Our guests also explore the evolving resilience landscape in response to changing threats and market expectations, as well as the transformative potential for AI and other technologies to enhance firms' resilience capabilities, drive efficiencies and add value in the short and long term.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, duncan.j.scott@pwc.com and rory.spedding-jones@pwc.com.  To hear more from us on financial services risk & regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

In this episode, host Tessa Norman is joined by Miles Celic, Chief Executive Officer of TheCityUK, and Darren Ketteringham, PwC UK's Financial Services Industry Leader, to discuss a future vision for the UK financial and related professional services industry.Our guests reflect on the themes of the Vision 2025 report, which was published jointly by TheCityUK and PwC in 2017, and which set out a roadmap for a highly digitised, innovative and customer-centric industry by 2025. Now, a month into 2025, and with the Government on the cusp of setting out its future strategy for the industry, we discuss progress made since the report's publication, and the actions needed to ensure the industry is able to capitalise on the transformative changes expected over the next 5-10 years.  Our guests explore the driving forces of technological transformation and the transition to net zero, and look at progress across themes such as customer centricity, regional development, and talent and skills. We also discuss the collective role of Government, industry and the regulators in enabling the sector to thrive, and to maximise its potential to drive sustainable inclusive economic growth.  You can access the Vision 2025 report referenced in the podcast here.

In this episode, host Tessa Norman is joined by PwC Director Gemma Jones and Senior Manager Lucas Penfold, to explore the evolving landscape of sustainability regulation in the UK and globally.Our expert guests reflect on the sustainability priorities of the new UK Government and the steps to implement the International Sustainability Standards Board's (ISSB) standards. Our guests also share perspectives on how financial services firms can prepare to meet upcoming regulatory milestones, reflecting on the interoperability between sustainability regulations and the operational and strategic lessons for firms to consider as they look ahead. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, lucas.penfold@pwc.com, and gemma.jones@pwc.com. To hear more from us on Risk & Regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

In this episode, host Tessa Norman is joined by PwC Partner Stephen Arnold and Director Samantha Jones, to discuss the growing regulatory scrutiny of the general insurance and protection market.  Our expert guests explore the FCA's recent supervisory work across the sector, with a focus on competition, price and value, and consumer outcomes. We delve into the key considerations for firms as they navigate evolving regulatory and consumer expectations. Our guests also share insights on the lessons that other financial services firms can learn from the insurance sector's experience, and discuss how firms can prepare for future changes. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, samantha.x.jones@pwc.com, and stephen.arnold@pwc.com. To hear more from us on Risk & Regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

This episode, host Tessa Norman is joined by PwC Partner Michael Snapes and Director Gordon Kemp, to deep dive into the evolving UK prudential banking landscape, navigating the impacts of the PRA's Basel 3.1 final rules and proposed Strong and Simple regime.Our expert guests unpack the details of the PRA's recent publications, sharing insight on the UK's journey to implement the Basel 3.1 rules and the development of its Strong & Simple framework. We highlight the expected impacts the changes will have on banks - both large and small - and key strategic considerations for banks as they strike a balance between capital requirements and their growth aspirations.   Our guests also discuss the broader competition and market dynamics of these regulatory changes, both in the UK and internationally, and explore how firms can navigate the challenges and leverage the opportunities presented by these regimes.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, michael.j.snapes@pwc.com, and gordon.kemp@pwc.comTo hear more from us on Risk & Regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html

This episode, host Tessa Norman is joined by Sarah Porretta, Deputy CEO of Fair4All Finance, and Howard Taylor, a Director in PwC's Consulting practice, to explore the topic of financial inclusion.Our expert guests share their perspectives on the importance of financial inclusion and why this is not a niche issue, with Fair4All Finance's work demonstrating that over 20 million people are vulnerable to exclusion. Our guests navigate the commercial business case for inclusion, looking at issues such as risk appetite, the potential to serve new customer groups, and changing consumer and regulatory expectations. We also look at the challenges facing firms and consumers and the role that technology, data, and innovation can play in driving progress.In addition, our guests discuss the Government's future policy direction on inclusion and the value of cross-sector collaboration between industry, regulators and policymakers to promote the collective action necessary to support inclusive growth.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, howard.taylor@pwc.com. To hear more from us on Risk & Regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. The speech referenced in our conversion was given by FCA Chief Executive Nikhil Rathi on 19 September 2024 and is available here: https://www.fca.org.uk/news/speeches/catalysing-productivity-and-growth-change-mindset-financial-inclusion 

In this episode, guest host Laura Talvitie, PwC UK Digital Assets Lead, is joined by Shearin Cao, EMEA Regulatory Policy Director at Citibank, John Allan, Head of Innovation at the Investment Association, and Matt Blumenfeld, PwC's Global Digital Assets Lead, to delve into the emerging world of tokenisation and its evolution in the financial services industry.Our expert guests share insights on the opportunities tokenisation can bring in both investment products and tokenised money, as well as its transformative power to unlock additional capabilities for the wider financial ecosystem. Our guests also exchange views on the developing global regulatory landscape, spotlighting the value of public-private dialogue in shaping the future digital regulatory framework, and the near-term trends for firms to consider preparing for. 

Host Tessa Norman is joined by Jess Lewis and Jamie Drysdale, both Directors in PwC's insurance practice, to take a deep dive into the trends shaping the UK life insurance and retirement sector.Our expert guests discuss how macro trends such as changing workforce dynamics, economic and political drivers, and health and longevity trends are impacting customer expectations and needs, and the resulting impact on providers. Our guests also spotlight the role of regulatory initiatives and technology in driving transformation. They share insights on how firms can overcome challenges related to data and legacy systems to ensure they're equipped for the future and to meet the higher standards of service which customers have come to expect from other sectors. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, jessica.x.lewis@pwc.com and jamie.drysdale@pwc.com. To hear more from us on Risk & Regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html.

In our latest episode, host Tessa Norman is joined by Duncan Scott and Danny Chamings, Directors at PwC UK, and Moira Cronin, a Partner in PwC Ireland, to explore how firms can build operational resilience against the backdrop of an increasingly complex risk environment. Our expert guests discuss the evolving regulatory approach to operational resilience in the UK and EU, focusing on firms' progress towards upcoming deadlines for the EU's Digital Operational Resilience Act (DORA) and the UK's operational resilience framework, and the practical steps they can take to prepare. Our guests also share insights on how firms' approaches to enhancing resilience can mature over time, and what lies ahead on the operational resilience agenda beyond this year and next. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, duncan.j.scott@pwc.com, daniel.a.chamings@pwc.com, and moira.cronin@pwc.com. To hear more from us on resilience, please check out Series 5 Episode 10 on critical third parties, and you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

In the first episode of a new series, host Tessa Norman is joined by David Kenmir, PwC Partner in Financial Services Risk and Regulation, and Amrita Sawhney, a Director in PwC's Technology, Data and Analytics team, to take an in-depth look at the evolving redress and remediation landscape in the UK. Our expert guests discuss the changing regulatory focus on redress and remediation, spotlighting the impact of the FCA's ongoing motor finance discretionary commission review, and heightened expectations set by the Consumer Duty. Our guests also share perspectives on the increasing data demands of the regulator and how firms can better utilise their data by shifting from a ‘data-defensive' to a more proactive ‘data-offensive' approach. Finally, we exchange views on what a good remediation programme looks like, and the opportunities to harness technology to drive efficiency and effectiveness in this process. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, david.kenmir@pwc.com, amrita.k.sawhney@pwc.com  To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html, including our recent article on complaints and redress: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments/complaints-and-redress-meeting-a-higher-bar.html 

In this episode, host Tessa Norman is joined by two PwC Directors: Julia Ramsay, a specialist in Third Party and Supply Chain Risk, and Tom Kohler, a specialist in Financial Services Resilience and Risk Management, to explore the regulation of critical third parties (CTPs).Our expert guests delve into the details of the incoming regulatory regime for CTPs, sharing insights on the outcomes policymakers are seeking to achieve, and the steps CTPs and financial services firms can take to prepare for the proposed new rules. Our guests also exchange perspectives on broader regulatory measures aimed at boosting resilience in other sectors, as well as how firms can manage overlapping rules and harness the strategic opportunities this presents. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, tom.kohler@pwc.com, and julia.ramsay@pwc.com. To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html Note: This episode was recorded prior to publication of HMT's CTP policy paper on 21 March 2024, which confirms the timelines and criteria for designation discussed in the podcast. 

In this episode, host Tessa Norman is joined by Director Esther Rawling, and Senior Manager Lucas Penfold from PwC's Sustainability practice, for a deep dive into the EU's Corporate Sustainability Reporting Directive (CSRD). Our expert guests delve into implementation hurdles facing banks, asset managers and insurers, and share practical tips to overcome those challenges as they prepare for the upcoming reporting deadlines. Our guests also share perspectives on the pace and scale of sustainability regulatory change in the UK and beyond, how that's likely to be shaped by political change, and what firms can expect from the broader policy and regulatory agenda in the year ahead. Finally, we discuss how firms can generate value from their approach to embedding these sustainability initiatives.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, esther.rawling@pwc.com and lucas.penfold@pwc.com To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

In the first episode of 2024, host Tessa Norman is joined by Isabelle Jenkins, PwC UK's Financial Services Industry Leader, and Lord Gavin Barwell, a PwC Senior Advisor and former MP and Chief of Staff to Theresa May, to look ahead to the geopolitical, economic and regulatory drivers set to shape financial services this year. Our guests explore the implications of a fast-evolving and complex global landscape, discussing the swathe of upcoming elections and their impact on policy and regulation in 2024. Our guests also reflect on the regulatory and market trends influencing financial services this year - from technology and AI, to ESG and consumer protection - and how firms can navigate the opportunities and risks these presentYou can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com and isabelle.jenkins@pwc.com To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

In this episode, guest host Andrew Strange is joined by Amanda Wick, Founder and CEO of the Association for Women in Crypto, and Laura Talvitie, Digital Assets Lead in PwC's Financial Services Regulatory Insights team, to delve into the world of digital assets.Our expert guests discuss the recent developments in digital asset regulation, both in the UK and globally, and share their perspectives on the direction of future policy evolution. Our guests reflect on the use cases of digital assets for the traditional financial services sector, as well as share their perspectives on the value of diversity and inclusion in the digital assets industry. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com and laura.talvitie@pwc.com.To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

In this episode, guest host Andrew Strange is joined by Stephen Pegge, Managing Director at UK Finance, and Katy Bennett, a Director leading PwC's Diversity, Equity and Inclusion consulting business, to explore how the financial services sector is embracing diversity and inclusion (D&I).Our expert guests reflect on the enhanced regulatory focus on D&I in the sector, and discuss the challenges facing firms in meeting the proposed new regulations. Our guests also share insights on the steps firms are taking to drive positive change within the industry, including through data gathering and enhanced governance and accountability, and consider what a supervisory regime could look like. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com and katy.e.bennett@pwc.com.To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

In this episode, guest host Andrew Strange is joined by Alex West, PwC's banking and payments fraud team lead, and Ben Luddington, a Director in PwC's financial crime practice, to explore the critical role of financial services firms in tackling financial crime and fraud.Our expert guests share reflections on firms' response to enhanced regulatory pressures, in particular through the incoming authorised push payment fraud rules, and debate the implications this will have on the banking and payment sectors. Our guests also discuss the broader operational, compliance and financial challenges facing firms in the battle against fraud and financial crime, and the key steps firms need to take to meet evolving regulatory expectations, including how to deploy technology effectively.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, alex.e.west@pwc.com, ben.s.luddington@pwc.com To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

In this episode, host Tessa Norman is joined by James Williams, a Senior Manager in PwC's Banking Conduct team, and Lin Yang, a Senior Manager in PwC's Technology, Data and Analytics team, to share reflections on firms' implementation of the FCA's Consumer Duty.Our expert guests explore firms' transition from project mode to business-as-usual,and how they can leverage innovative technology and data solutions to meet the ongoing demands of the Duty and deliver better customer outcomes in a sustainable way. Our guests also discuss where the FCA is focusing its supervisory attention and how its approach is likely to evolve over time.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, james.x.williams@pwc.com, lin.y.yang@pwc.com. To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

In this episode, host Tessa Norman is joined by Adam Gilbert, PwC's Global Senior Regulatory Advisor on financial services, and Conor MacManus, a Director in PwC's Financial Services Regulatory Insights team, to explore the evolving regulatory landscape in the United States and the UK. Our expert guests delve into the areas of alignment and divergence in the agenda of policymakers and regulators, and what these mean for firms.Our guests share their perspectives on regulatory responses to recent market disruption, as well as exchange views on Basel III implementation and the expanding consumer protection agenda on both sides of the Atlantic. They also consider the fast-moving world of ESG and technology, comparing and contrasting regulators and policymakers' emerging regulatory priorities, and the impact on firms with a global footprint.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, adam.gilbert@pwc.com, conor.macmanus@pwc.com To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

While our team takes a well-earned summer break, we'd like to take this opportunity to reshare one of our most popular episodes from our last series. In this re-run episode, host Andrew Strange delves into the Metaverse world to discuss the risks and opportunities for financial services. Expert guests Yanna Zhu from PwC's Metaverse Technologies team, and Laura Talvitie, a Senior Manager in PwC's FS Regulatory Insights team, break down the developing Metaverse landscape and discuss current trends and the drivers behind its recent high profile. Our guests also analyse what the future may look like for financial services firms grappling with the opportunities and risks the Metaverse presents, as well as what direction regulation may take in the future.

Series 5 Episode 2: Sustainability reporting - decoding CSRDIn this episode, host Tessa Norman is joined by Justine Dixon, a Senior Manager in PwC's Sustainability practice, and Lucas Penfold, a Senior Manager in PwC's Regulatory Insights team, to take an in-depth look at the EU's Corporate Sustainability Reporting Directive (CSRD).Our guests explore the details of the EU's CSRD package and the steps firms should take to prepare as the implementation period enters a critical phase. They also exchange views on how CSRD interacts with developments in UK sustainable finance regulation, the challenges CSRD presents for firms, and how they can overcome these hurdles.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, justine.a.dixon@pwc.com and lucas.penfold@pwc.com.  To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html

Welcome to a brand new series of Risk & Regulation Rundown. In this episode, new host Tessa Norman is joined by David Croker, leader of PwC's Asset and Wealth Management risk and regulatory business and a partner in PwC's sustainability practice, and Harry Howe, a Director in PwC's Banking team, to spotlight the ever critical role of governance in how firms respond to the evolving regulatory and economic landscape. Our guests look at the intensifying supervisory focus on governance, and the challenges firms need to overcome to meet the regulators' evolving expectations. They also discuss the impact of recent and potential changes to the regulatory agenda in this space, including the growth of ESG, possible changes to the SM&CR, and the introduction of the Consumer Duty. Finally, our experts explore how firms can strategically link together the various pieces of the governance puzzle and determine what good governance looks like for their business model, both now and in the future. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, david.w.croker@pwc.com, and harry.r.howe@pwc.com To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html 

In this episode, host Andrew Strange is joined by Gordon Kemp and Stefanie Aspden, from PwC's Risk & Regulation practice, to unpick the PRA's proposed Basel 3.1 prudential reform package. Our guests explore some of the winners and losers of the prudential banking changes, the key considerations for firms impacted, as well as how the UK's proposals set against the approaches taken by other international partners.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, gordon.kemp@pwc.com, stefanie.l.aspden@pwc.com  

In the first episode of 2023, host Andrew Strange is joined by Conor MacManus, from PwC's Regulatory Insights team, and Michael Huertas, a Partner in PwC Germany, to reflect on the UK's 2023 regulatory change agenda, spotlighting key elements of the Government's Edinburgh Reform package and sharing perspectives on the response from European policymakers and the EU financial services sector. Our guests also set out their predictions for the fortunes of the year ahead, as authorities in the UK and EU navigate a challenging political and economic environment. You can contact our PwC speakers if you'd like to discuss any of the topics covered at andrew.p.strange@pwc.com, conor.macmanus@pwc.com, michael.huertas@pwc.com.

In this episode, host Andrew Strange explores the ESG regulatory agenda alongside two expert guests. Lynne Baber, a Partner leading PwC's sustainability practice, and Lucas Penfold, from PwC's Regulatory Insights team, join to discuss the myriad of regulatory initiatives and their impact on the financial sector, corporates, and the wider economy. Our guests also share their perspectives on how firms should be seeing this as more than a compliance exercise and can embrace it to drive long-term value creation for their businesses and wider society.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, lynne.r.baber@pwc.com, lucas.penfold@pwc.com

In this episode, host Andrew Strange analyses the Operational Resilience regulatory agenda alongside two expert guests. Duncan Scott, from PwC's Crisis and Resilience practice, and Paul Williams, a specialist adviser on Operational Resilience for PwC, join the podcast to take a look at regulatory landscape, the challenges facing firms, and the importance of embedding resilience in an increasingly volatile environment. Our experts also give their view on the future outlook for regulation in the UK and globally, the expectations of supervisors, and what this means for firms seeking to achieve resilience. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, duncan.j.scott@pwc.com, paul.xz.williams@pwc.com.

In this episode, host Andrew Strange revisits the FCA's Consumer Duty, alongside guests Iqy Hunjan and Ian Ody, Directors in PwC's Consulting practice. Our expert guests navigate the FCA's final Consumer Duty rules and guidance, exploring the key challenges facing firms in complying with the new requirements, as well as analysing the regulator's expectations on monitoring outcomes.Our guests also talk through the progress firms have made to date across the market, breaking down what ‘good' looks like for firms' implementation plans and the delivery of good outcomes for their customers.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, ian.ody@pwc.com, iqvinder.k.hunjan@pwc.com.

In this episode, host Andrew Strange delves into the Metaverse world, alongside guests Yanna Zhu from PwC's Metaverse Technologies team, and Laura Talvitie, a Senior Manager, in PwC's FS Regulatory Insights team. Our expert guests break down the developing Metaverse landscape and discuss current trends and the drivers behind its recent high profile. Our guests also analyse what the future may look like for financial services firms grappling with the opportunities and risks the Metaverse presents, as well as what direction regulation may take in the future.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, laura.talvitie@pwc.com, and yanna.x.zhu@pwc.com

In this episode, we discuss the evolving prudential agenda in the insurance sector. Host Andrew Strange is joined by Sarah Watson, a Senior Manager in PwC's Insurance Regulatory practice, and Anirvan Choudhury, a Senior Manager in our Financial Services Regulatory Insights Team. We talk about the UK's Solvency II reform and what this will mean for insurers, their capital requirements, and their pricing. We also discuss the PRA's priorities as set out in its business plan, including operational resilience, climate risk and diversity and inclusion, and how these will impact insurers. You can contact our speakers if you'd like to discuss any of the topics covered at andrew.p.strange@pwc.com, sarah.w.watson@pwc.com, and anirvan.choudhury@pwc.com.

In this episode, host Andrew Strange discusses the PRA's business plan and what it means for banks, with two expert guests. Conor MacManus, a Director in PwC's Financial Services Regulatory Insights team and Stephanie Henderson-Begg, a Director in our Banking Prudential team, join the podcast to analyse the PRA's upcoming agenda and priorities, including governance and risk management, responding to digital innovation, and ensuring orderly exit. They also cover what the UK regulators' additional objective for growth and international competitiveness (introduced as part of the Future Regulatory Framework review) will mean in practice, and how banks can prepare for Basel 3.1. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, conor.macmanus@pwc.com and stephanie.k.henderson-begg@pwc.com

In this episode, guest host Tessa Norman discusses the FCA's business plan and strategy with Andrew Strange and Conor MacManus, Directors in PwC's Financial Services Regulatory Insights team. We look at how this year's plan has been shaped by the challenging political and economic context, what the plan tells us about the regulator's priorities and expectations, and the practical steps firms can take in response. Our experts also give their views on the FCA's fleshed-out approach to outcomes-based regulation, and what this means for firms and how they approach compliance. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, conor.macmanus@pwc.com and tessa.norman@pwc.com

In this episode, host Andrew Strange discusses the evolving regulatory approach to artificial intelligence (AI), alongside PwC guests Fabrice Ciais, Director of AI, and Belinda Baber, a Manager in the FS Regulatory Insights team. With the AI Public Private Forum (AIPPF) recently publishing its final report, the regulatory direction on AI is becoming clearer. Our expert guests discuss how FS firms are using AI and how that's likely to evolve; the actions firms should take following the AIPPF report; the challenges firms face on topics including governance and explainability, and how they can overcome them. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, fabrice.ciais@pwc.com and belinda.j.baber@pwc.com

In this episode, host Andrew Strange discusses the FCA's consumer duty proposals with guests David Kenmir, a Partner in PwC's Authorisation and Conduct practice, and Tessa Norman, a Manager in our Financial Services Regulatory Insights team. We discuss the challenges the proposals present for firms, from the need to make subjective judgment calls, to meeting the FCA's expectations on monitoring outcomes, as well as how firms can embrace the opportunities associated with the proposals. We also cover the steps firms can take to prepare, and what the proposals will mean for firms' supervisory interactions with the regulator.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, david.kenmir@pwc.com and tessa.norman@pwc.com

As many firms move to a long-term remote/hybrid working model, there are a range of issues to navigate, from meeting regulatory expectations, to maintaining cultural cohesion. In this episode, host Andrew Strange is joined by Sarah Passmore, a Director in PwC's People and Organisation business, and John Newsome, a Director in our Asset Management regulatory practice, to discuss how firms are approaching these challenges and how they can manage the associated risks. We talk about meeting the FCA's recently published expectations on remote/hybrid working, managing the regulatory and tax implications of staff working outside the UK, and navigating the wider impacts of hybrid working, from leadership to culture and diversity and inclusion. Our guests also discuss the impact on employee attraction and retention, the growing ‘power shift' from employers to employees, and what the future of work looks like.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at andrew.p.strange@pwc.com, sarah.l.passmore@pwc.com and john.newsome@pwc.com

In this episode, we discuss how a range of market, societal and regulatory shifts are changing the way insurers and wealth managers do business. Host Tessa Norman is joined by Andrew Strange, a Director in PwC's FS Regulatory Insights team, who specialises in asset management, and Darshan Chandarana, a PwC Partner who specialises in digital transformation. We discuss the recent acceleration in the adoption of new technologies such as cloud, and how firms are using these developments to take a more customer-centric approach. We also talk about the FCA's focus on value and customer outcomes, the impact of public policy debates on issues such as social care and access to advice, and what insurance and wealth management firms can learn from the banking sector. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, darshan.chandarana@pwc.com and Andrew.p.strange@pwc.com

With regulators and policymakers issuing a raft of ESG announcements in recent weeks against the backdrop of COP26, in this episode we discuss what those developments mean for financial services firms. Regular host Andrew Strange is joined by Lucas Penfold, a Senior Manager in PwC's FS Regulatory Insights team, who specialises in ESG and asset management, and Declan McGinn, a Senior Manager in our Sustainability & Climate Change practice, who supports our banking clients on ESG transformation. We discuss the key messages from COP26, and the challenges firms face in meeting evolving regulatory requirements, from strategy to resourcing and data. We also look ahead to the key issues that firms should be focused on next year and beyond, including upcoming regulatory deadlines in the UK and EU, how the PRA will enforce its climate risk requirements following the end of 2021 deadline, and how banks can deliver on their net zero commitments.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at lucas.penfold@pwc.com, declan.b.mcginn@pwc.com and andrew.p.strange@pwc.com

In this episode, we discuss the UK's evolving anti-money laundering and terrorist financing regime, what that means for financial services and cryptoasset firms, and how the cryptoasset market is developing more broadly. Regular host Andrew Strange is joined by Hannah Swain, who leads PwC's Financial Services Regulatory Insights team and is an expert on financial crime, and Haydn Jones, who leads our crypto and blockchain practice. Our experts cover the implications of the Government's proposed changes to the money laundering regime, and the challenge of creating a future-proof framework in a rapidly evolving market. We also discuss how the regulatory regime for cryptoasset firms is developing, in the UK and elsewhere, and the benefits and risks that developments in digital currencies can bring for financial services.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at swain.hannah@pwc.com, haydn.jones@pwc.com and andrew.p.strange@pwc.com

In this episode we discuss diversity and inclusion, looking at how firms are approaching this important topic as it continues to rise up the regulatory agenda. Regular host Andrew Strange is joined by Brenda Trenowden, a PwC Partner who leads our inclusion and diversity client business and is a former Global Chair of the 30% Club, and Jas Campbell, a Senior Manager in our internal audit team who works with a range of clients on inclusion and diversity We discuss the regulators' recent discussion paper on diversity and inclusion, and the areas where firms are making progress and experiencing challenges – from governance to data and strategy. We also look at how focusing on diversity and inclusion can help firms achieve better business outcomes, and what is meant by the term ‘watermelon company' – and how to avoid being one. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at brenda.trenowden@pwc.com, jasmine.e.campbell@pwc.com and andrew.p.strange@pwc.com.

In this episode we discuss the FCA's proposals for a new consumer duty, as well as how the UK's regulatory framework is evolving outside of the EU. PwC Manager Tessa Norman is the host for this episode, with regular host Andrew Strange joining as a guest to discuss how a consumer duty would impact both firms and customers, alongside PwC Director Conor MacManus, who covers the changing shape and increasing scope of UK regulation.We discuss how the consumer duty proposals could impact product design, business models and accountability. We also consider how the proposals fit within the broader shift towards a more outcomes and principles-based approach to regulation – and the benefits and challenges that brings for firms.You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, Andrew.p.strange@pwc.com and conor.macmanus@pwc.com

In this episode we discuss ESG, or environmental, social and governance issues – returning to the subject of one of our most popular episodes (check out Series 2 Episode 1: Finding purpose through ESG). Regular host Andrew Strange is joined by Jon Williams, a Partner in our sustainability and climate change team and a member of the FSB's Task Force on Climate-related Financial Disclosures, and Luke Nelson, a Senior Manager in our Regulatory Insights team. We discuss the packed regulatory agenda, how firms are tackling issues such as social purpose, diversity and net zero strategy, and the challenges and opportunities that ESG initiatives bring. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at Andrew.p.strange@pwc.com, jon.d.williams@pwc.com and luke.a.nelson@pwc.com

In this episode we discuss the UK authorities’ finalised approach to operational resilience. Regular host Andrew Strange is joined by Adam Stage, who leads PwC’s regulatory insight on operational resilience, and Kelechi Igboko, a Director who leads the operational resilience work we deliver to a range of clients. We cover what firms need to do to comply with the policy and how they can overcome some of the challenges it brings.Please contact our speakers if you’d like to discuss any of the topics covered, at andrew.p.strange@pwc.com, adam.stage@pwc.com and kelechi.v.igboko@pwc.com 

In this episode we discuss the FCA’s final guidance on the fair treatment of vulnerable customers. Regular host Andrew Strange is joined by PwC Partner Angus Goldie and Conor D’Arcy, Head of Research and Policy at the Money and Mental Health Policy Institute, to discuss how the guidance will impact both firms and consumers. We cover how the guidance will be supervised and enforced, the challenges firms face in meeting regulatory expectations, and the extent to which the guidance will help consumers. Please contact our PwC speakers if you’d like to discuss any of the topics covered, at andrew.p.strange@pwc.com and angus.goldie@pwc.com.

This episode explores one of the first post-Brexit regulatory initiatives to hit financial services firms: the Investment Firm Prudential Regime (IFPR). Regular host Andrew Strange is joined by PwC Partner David Croker and PwC Director Jill Townley to discuss how the regime will impact the way firms approach risk and remuneration; what firms need to do to prepare for implementation; and how the UK and EU regimes compare. Please contact our speakers if you’d like to discuss any of the topics covered, at Andrew.p.strange@pwc.com, David.w.croker@pwc.com and jill.h.townley@pwc.com

In this episode, we discuss the rapidly evolving cryptoassets market. Regular host Andrew Strange is joined by Henri Arslanian, PwC’s Global Crypto leader who’s based in Hong Kong, and Sharon-Marie Fernando, a Senior Manager in PwC’s UK Financial Services Regulatory Legal Practice. We cover how regulators are developing their approaches to cryptoassets, both in the UK and elsewhere, and the challenges and opportunities that cryptoassets present for financial services firms. Please contact our speakers if you’d like to discuss any of the topics covered, at Andrew.p.strange@pwc.com, henri.arslanian@hk.pwc.com and sharon-marie.fernando@pwc.com .

In this episode, we discuss the regulatory landscape for insurers, from the impact of climate change, to upcoming changes to the prudential rules. Regular host Andrew Strange is joined by Rod Bryn-Hussey, a Director in PwC’s Insurance Risk and Regulation practice, and Anirvan Choudhury, a Senior Manager in PwC’s Regulatory Insights team. We cover how the climate change agenda is impacting insurers, what the UK’s review of Solvency II means for firms, and how competing regulatory priorities fit together. Please contact our speakers if you’d like to discuss any of the topics covered, at andrew.p.strange@pwc.com, rod.bryn-hussey@pwc.com and anirvan.choudhury@pwc.com .

HM Treasury (HMT) joins us for this episode, as we discuss how the regulatory framework will develop in a post-Brexit world. Regular host Andrew Strange speaks to Lee O’Rourke, Senior Policy Adviser for the Future Regulatory Framework at HMT, and Conor MacManus, a Director in PwC’s FS Regulatory Insights team, about how the future framework is taking shape, and some of the benefits and challenges it might pose for firms and regulators. Please contact Andrew or Conor if you’d like to discuss any of the topics covered, at Andrew.p.strange@pwc.com, or conor.macmanus@pwc.com .

In this episode, we discuss how consumer insights and behavioural economics can inform regulation and firms’ approaches to compliance and performance. Regular host Andrew Strange is joined by Sam Grew, an Insight Consultant for PwC Research, and Patrick Welsh, a behavioural scientist focused on the future of work. We talk about how regulators and firms use consumer research and behavioural science, and how behavioural science can shape organisational culture and the future of work. Please contact Andrew, Sam or Patrick if you’d like to discuss any of the topics covered, at Andrew.p.strange@pwc.com, sam.grew@pwc.com and p.welsh@pwc.com

In this episode, we discuss how firms can deliver fair value products and services. Regular host Andrew Strange is joined by Mark Spiers, a Director in PwC’s wealth management team, and Ann-Marie Stone, a Senior Manager who focuses on insurance conduct issues. We consider how firms can meet the FCA's and customers’ expectations on value, particularly in the wealth management and insurance sectors, as well as the impact of technology and innovation. Please note that since we recorded this episode, the FCA has published a call for input on the consumer investments market, which could have further implications for value in the wealth management sector. You can find out more about this call for input in our At a glance publication. Please contact Andrew, Mark or Ann-Marie if you’d like to discuss any of the topics covered, at andrew.p.strange@pwc.com, mark.spiers@pwc.com and ann-marie.stone@pwc.com.

In this first episode of our second series, we discuss the environmental, social and governance agenda (better known as ESG). New regular host Andrew Strange is joined by Elizabeth Stone, PwC’s Asset and Wealth Management Leader, and Emma Cox, PwC’s Head of Purpose and Sustainability & Climate Change Leader. We discuss the drivers that are prompting firms to focus on ESG issues, from regulation to public attitudes and investor demands. We also talk about the impact of COVID-19, how firms are increasingly focusing on their organisational purpose, and what the future holds. Please contact Andrew, Emma or Elizabeth if you’d like to discuss any of the topics covered, at Andrew.p.strange@pwc.com, emma.cox@pwc.com and elizabeth.j.stone@pwc.com .

This month we’re bringing you something a little bit different – a bonus episode from PwC’s COVID-19: Business in Focus podcast series, featuring Katie Fisher, Director of Strategy at the FCA. Katie joins series host Rowena Morris and PwC’s Financial Services Leader Andrew Kail to talk about the FCA’s priorities in its recent business plan, how these are being impacted by COVID-19, and what firms need to focus on in the current situation and beyond.

In this episode, we discuss the regulation of payments. Regular host Sarah Isted is joined by Christina Segal-Knowles, Executive Director for Financial Markets Infrastructure at the Bank of England, and Jon Maskery, a PwC Partner who leads our payments team. We talk about the rapid pace of innovation in the sector and how regulation can keep up, what future market developments such as the use of stablecoins might mean for firms and regulators, and how payment firms are dealing with the current period of disruption. Please contact Sarah or Jon if you’d like to discuss any of the topics covered, at sarah.t.isted@pwc.com and jon.maskery@pwc.com.

In this episode, we discuss how firms respond and adapt to change. Regular host Sarah Isted is joined by Carol Stubbings, PwC’s Global Head of People and Organisation, and Jass Sarai, PwC’s Leader of Industry for Technology, Media and Telecommunications, to talk about the skills and technologies financial services firms need to be fit for the future, as well as what they can learn from the period of disruption we’re currently experiencing. Please contact Sarah via email at sarah.t.isted@pwc.com if you have any questions, and you can find more information on responding to the business impacts of coronavirus (COVID-19) at https://www.pwc.co.uk/issues/crisis-and-resilience/covid-19.html.

In this episode, we discuss two areas of current regulatory focus: the Fifth Money Laundering Directive, and prudential reporting. Host Sarah Isted and guests Chris Cowin and Nigel Willis consider what the Directive means for firms, and discuss the PRA’s concerns over regulatory returns and what firms need to do to address them.

How are artificial intelligence and machine learning transforming the way financial services firms do business, and how can firms ensure they’re meeting regulatory expectations? What might the compliance function of the future look like? Host Sarah Isted and PwC guests Leigh Bates and George Povall discuss these questions and many more, as we look at how the industry is set to evolve in the coming years.

Host Sarah Isted is joined by PwC guests Sarah Nield and Conor MacManus. We discuss how firms should navigate regulatory expectations around how they treat vulnerable customers, as well as looking ahead to what’s on the regulatory agenda for 2020 and beyond. If you’d like to discuss any of the issues raised in this episode with our speakers, please send an email to sarah.t.isted@pwc.com, sarah.nield@pwc.com or conor.macmanus@pwc.com.

Host Sarah Isted is joined by PwC guests Stella Nunn and Jon Williams. We discuss how financial services firms are developing their approaches to operational resilience (and why impact tolerances are like being punched in the face), and the risks and opportunities presented by climate risk.

Host Sarah Isted is joined by PwC guests Nassim Daneshzadeh and Arthur Hughes-Hallett. We discuss how firms are navigating the challenges relating to LIBOR transition, and how firms can maximise the opportunities arising from industry disruption more broadly. You can follow Sarah and Nassim on Twitter: @SarahIsted1 and @NassimDaneshza1