Financial Services Risk and Regulation Unravelled Podcast: Recent Episodes
Grant Thornton UK LLP
Grant Thornton UK LLP’s Financial Services Risk and Regulation Unravelled podcast brings you conversations about the dynamic world of risk and regulation. We help our financial services clients understand new regulatory and risk developments, upcoming changes and talking points in the industry. Led by Grant Thornton’s Director, Gavin Stewart and Associate Director, Irina Velkova alongside renowned experts as they share their insights each month.
AI is moving from experimentation to implementation, and regulators are moving with it. In this month's episode, David Morrey and Ben Farmer unpack the findings of the FCA's Mills Review and what it could mean for accountability, Consumer Duty and the future regulatory perimeter.
The discussion also explores the FCA's latest consultations, including proposals to simplify Consumer Duty requirements for wholesale firms, expand mortgage access for underserved borrowers, reform MiFID cost and charge disclosures, and strengthen oversight of self-invested personal pensions (SIPPs).
With new crypto rules taking shape, and buy now, pay later regulation now live, the episode examines the regulatory developments firms should be watching closely.
In this month’s episode, David Morrey and Ben Farmer unpack the latest twist in the motor finance remediation programme, with multiple legal challenges now putting key customer communication timelines on ice and pushing firms towards contingency planning.
They talk through what the Financial Conduct Authority is signalling firms should do now, from identifying impacted complaints and agreements to pulling together the data needed on commission and disclosure practices, including where broker engagement is required. They also explore the regulator’s “plan for no scheme” scenario, and what it could mean if complaint pauses are not extended and firms must revert to business-as-usual complaint handling timescales.
Beyond motor finance, the episode covers the latest Regulatory Initiatives Grid, including the direction of travel on simplification, plus a watch list of consultations and policy updates. That includes phase one changes to SMCR, the direction of Consumer Credit Act reform as requirements shift into the FCA handbook, and the FCA’s consultation on slimming down consumer credit financial promotion rules, alongside wider questions on whether representative APR still supports consumer understanding. There is also a look at the ICO’s developing guidance on sharing personal information for fraud and scam prevention, an FCA review into bereavement handling by investment firms, and an early read on the strategy towards tokenised assets.
This month David Morrey and Ben Farmer unpack the Financial Conduct Authority's (FCA) final motor finance redress scheme rules — including the decision to run two schemes and what that signals about potential legal challenge and delivery timelines.
They also cover the regulators’ operational incident and third‑party reporting final rules (and what firms should be doing now, ahead of the March 2027 start date), plus the FCA’s consultation on simplified advice and what “limited scope” could mean in practice.
Finally, they round off with a rapid scan of AI in regulation — from the FCA’s own use of AI to triage and review information, to the Prudential Regulation Authority's (PRA) expectations on governance, and the Financial Ombudsman’s early observations on AI‑generated complaints — before closing on the PRA’s fine against Direct Line and what the “early account” approach tells us about regulatory engagement.
David Morrey and Ben Farmer unpack the FCA’s new sector priority reports and what they really signal for financial services firms in 2026. From insurance and consumer investments to payments, appointed representatives and motor finance redress, we explore how the regulator is shifting away from fragmented Dear CEO letters towards a more consolidated, outcomes‑focused approach — and what that means in practice for boards and senior leaders.
They also examine where regulatory expectations are tightening, where simplification and growth are being actively encouraged, and how themes such as Consumer Duty, AI adoption, financial crime, disclosures and market resilience are converging across sectors. The discussion also covers upcoming consultations, enforcement trends — including the crackdown on unauthorised financial promotions — and why firms may need to rethink how they respond to regulatory change, rather than defaulting to business‑as‑usual compliance.
This month, David Morrey and Ben Farmer unpack another busy period in financial services regulation. They explore the FCA’s accelerating use of AI — from live testing to automated case queries — and what this rapid adoption means for firms navigating both innovation and risk.
The conversation also covers the regulators’ new scale‑up unit, the latest findings from the pure protection and premium finance market studies, and what these signals say about Consumer Duty in practice.
We then turn to crypto and stablecoins, examining the FCA and PRA’s latest consultations, the proposed perimeter for custodians and distributors, and the Consumer Duty expectations shaping this fast‑moving market.
Finally, they down the FCA’s long‑term mortgage rules roadmap, the newly finalised non-financial misconduct guidance, and the early use of in‑flight enforcement naming powers.
In this end-of-year episode, David Morrey and Ben Farmer take stock of the evolving regulatory landscape in financial services, exploring the impact of the UK’s “growthy regulator” agenda over the past twelve months.
Key themes include:
- Growth vs Deregulation: The hosts discuss whether regulatory changes have truly promoted growth or simply resulted in procedural tweaks. While some requirements have been simplified, fundamental deregulation remains limited, often requiring statutory changes
- Regulatory Output and Compliance: There’s been a shift from new rules to more thematic reviews and “good and poor practice” articles, which now carry significant weight for compliance teams. Firms are increasingly expected to monitor these outputs and assess their impact
- Supervisory Activity: Although the number of formal Skilled Person reviews has declined, supervisory visits, data requests, and regulatory interactions remain robust.
- Consumer Duty and Redress: The podcast highlights the ongoing importance of Consumer Duty as a tool for achieving regulatory objectives without introducing new rules. Major consumer redress issues, such as motor finance, continue to dominate headlines, while firm-specific redress remains active
- Encouraging Productive Investment: A notable trend is the regulatory push to encourage individuals to move savings into productive investments, with new consultations on targeted support aiming to make this process easier for both firms and consumers
- Looking Ahead: The hosts preview what might be expected in 2026, promising continued updates and recommending the Grant Thornton regulatory handbook for those seeking further guidance
Financial Services UK | Regulatory Handbook 2025
An essential guide to the regulatory landscape for financial services
Download now
Join hosts David Morrey and Ben Farmer as they break down the latest regulatory developments and what they mean for firms and professionals navigating compliance, risk and operational change.
Explore new safeguarding rules for payment and e-money firms, the impact of wealth management consolidation, and the FCA’s growing role in ESG and anti-money laundering oversight.
In this episode:
FCA’s new safeguarding regime
The introduction of CASS 15 and what the new client money and asset rules mean for payment services and e-money institutions, including timelines and compliance challenges.
Wealth management sector consolidation
Key findings from the FCA’s Thematic Review, with a focus on conduct, financial resilience, and the impact of leveraged buyouts on regulated businesses.
Contracts for Difference (CFD) sector scrutiny
Regulatory warnings about client categorisation, 'finfluencers', and the treatment of vulnerable customers, plus a look at recent thematic reviews on price and value outcomes.
Expanding FCA responsibilities
The regulator’s new powers over ESG ratings providers and proposed changes to the UK’s anti-money laundering supervision framework – and what this means for professional services.
PRA policy updates
The increase in the depositor protection limit, reforms to remuneration rules for banks and investment firms, and the implications for risk and reward in the sector.
Motor finance redress consultation
An update on the ongoing consultation, industry feedback, and what to expect as the FCA prepares to publish final rules.
Financial Services UK | Regulatory Handbook 2025
An essential guide to the regulatory landscape for financial services
Download now
In this episode, David Morrey and Ben Farmer dive into latest developments on motor finance compensation claims, including the Financial Conduct Authority’s (FCA):
- new awareness campaign
- regulatory actions against misleading advertising by claims management companies (CMCs)
- details of the proposed redress scheme for motor finance agreements dating back to 2007.
Listen to unpack the scheme’s opt-in process, eligibility criteria, potential legal challenges, and the broader implications for firms and consumers.
David and Ben also touch on the FCA's consultation on fund tokenisation, the move to T+1 settlement for investment instruments, and recent survey findings on industry satisfaction.
The episode wraps with updates on regulatory reporting changes and a look ahead to what’s next in the world of financial services regulation.
Discover more on the FCA consultation and industry implications following motor finance redress scheme, Motor Finance Redress Scheme: FCA Consultation and Industry Implications | Grant Thornton
In this episode, Alex Ellerton, Head of Financial Services, and Sarah Bell, Partner, are joined by The Rt Hon. Lord Mayor of London, Alastair King, for a wide-ranging discussion on how financial services can drive the UK's economic growth. They unpack the opportunities and challenges facing the sector—from regulatory shifts to innovation and investment.
The conversation covers:
- economic outlook
- Leeds Reforms
- 'regulate for growth'
- healthy tensions and collaboration
- the Autumn Budget
- international investment
- innovation in financial services.
Listen for analysis of everything that's happening across the industry.
For more insight and guidance, get in touch with Alex Ellerton or Sarah Bell.
In this episode, David Morrey and Ben Farmer unpack the latest regulatory developments in UK financial services.
They discuss the FCA's campaign on motor finance compensation, the recent insurance sector redress payments, and a major consumer rights super-complaint.
The conversation also explores new consultations from the regulator, including cryptoassets and payments, and its push for growth and productivity.
Innovation is shaping the future of the payments industry, and the Financial Conduct Authority (FCA) is keen to ensure it heads in the right direction.
In this episode, host Paul Staples is joined by Paul Olukoya, Managing Director, Alison Kopra, Director, and guest Robert Courtneidge, Policy Advisor at The Payments Association.
They discuss the latest trends in digital money, the regulatory challenges of stablecoins, the effectiveness of authorised push payment (APP) fraud reimbursement, and safeguarding customer funds.
In this episode, David Morrey and Ben Farmer unpack the Supreme Court judgement on motor finance commissions and its far-reaching implications for lenders, dealers and consumers, alongside the FCA’s proposed redress scheme.
They discuss recent FCA rule changes – from buy now pay later regulation to the reversal of the ban on crypto exchange-traded notes (ETNs) – and reflect on thematic reviews covering digital journeys, premium finance, and insurance claims.
The conversation also brings up enforcement actions against major firms, offering insights into regulatory accountability and the skilled person panel. Plus, a look at trends in FCA Handbook usage reveals where firms are focusing their compliance efforts.
In this episode David Morrey and Ben Farmer discuss the Financial Conduct Authority's (FCA) new rules on tackling non-financial misconduct. The rules, which previously only applied to banks, will be extended to 37,000 non-bank financial service firms from September 2026.
The conversation covers:
- CP24/27: advice guidance boundary review from the FCA – the implications and long-term risks of targeted support for firms and the role of the Financial Ombudsman Service (FOS)
- DP25/2: the FCA's mortgage rule review and rebalancing risk appetite in the market
- CP25/19: ancillary activities test and chapter 6 systematic internalises from the FCA, which aim to dilute MiFID II rules
- the FCA's payments Consumer Duty multi-firm review, highlighting criticisms similar to those faced by insurance and investment firms
- the FOS's annual complaints data and insights 2024/2025
- the FCA's whistleblowing data
- buy now pay later regulation – how the FCA is cracking down on non-financial misconduct.
The Government launched its Financial Services Growth and Competitiveness Strategy, the sector-specific paper to support the broader Industrial Strategy and drive economic development across the UK. Aligning with the Chancellor’s annual Mansion House speech, the Government also launched the Leeds Reforms to simplify the regulatory landscape and catapult the strategy into action.
In this episode David Morrey and Ben Farmer highlight the key takeaways for financial service firms and outline how the Government will be supporting the sector.
Tune in for the latest regulatory developments shaping the UK financial services landscape and what these mean for you.
In this episode, David Morrey and Ben Farmer examine the FCA’s proposals to simplify complaints reporting, including the removal of group-level submissions and the introduction of standardised six-monthly intervals.
They also talk about the FCA’s review of the Register, updates to value assessments for authorised fund managers, and the final rules for trading unlisted securities under the new Private Intermittent Securities and Capital Exchange System (PISCES) regime.
You'll also hear about:
- the Government's plans to regulate Buy Now, Pay Later products
- phase one of the Consumer Credit Act reform
- FCA considerations for a motor finance redress scheme
- updates to the FCA’s enforcement guide
- PRA’s consultation on Pillar 2A for banks
- the Financial Ombudsman’s proposal to revise the 8% statutory interest rate
- global enforcement trends targeting financial influencers.
The Financial Conduct Authority (FCA) plans to strip outdated or duplicated requirements from its insurance rule book.
In this episode of the podcast David Morrey, Partner, Head of Investment Management, and Ben Farmer, Senior Manager, review what this means for firms.
The conversation also covers:
- mortgage rule simplification
- pooled funds and consumer credit regulatory returns
- FCA's thematic review on small asset managers and alternative managers
- FCA's engagement paper on AI live testing
- regulation of crypto assets.
The Financial Conduct Authority (FCA) has published its 5-Year Strategy (2025 – 2030). In this episode David Morrey, Partner, Head of Investment Management, and Ben Farmer, Senior Manager, review its core focus areas:
- Reducing and preventing serious harm
- Setting and testing higher standards
- Promoting competition and positive change
In addition to the strategy, they also discuss the FCA's other priorities, and explain what they mean for businesses in the future.
Read our insight to uncover that the FCA's business strategy for 2025 - 20230 means for firms - A new strategy for 2025 - 2030
Note: The FCA’s Regulatory Initiatives Grid 2025 was released after the recording of this podcast.
Join David Morrey and Ben Farmer as they explore the latest regulatory developments and their impact on the financial services industry.
In this episode, they discuss:
- Regulatory Changes & Updates: The FCA’s decision not to proceed with certain proposals, including diversity and inclusion rules, enforcement disclosure changes, and the sustainability disclosure regime for delegated portfolio managers.
- Consumer Support & Vulnerability: Insights into good and poor practices in consumer support and vulnerability.
- Ongoing Advice & Remediation: A deep dive into the FCA’s guidance on ongoing advice.
- Motor Finance Redress: Updates on the potential industry-wide redress scheme for motor finance, pending the Supreme Court decision.
- Consultation Papers & Policy Statements: A look at recent FCA consultation papers and policy statements.
Listen now for expert insights and practical takeaways on these key regulatory developments.
The financial services industry will continue to evolve throughout 2025. It’s important to look beyond individual compliance requirements and consider the broader themes driving these policy shifts — from government initiatives and socio-political factors to reactive responses to emerging consumer issues.
In this episode, Head of Financial Services, Alex Ellerton, is joined by Paul Garbutt (Partner, Head of Banking and Capital Markets), Rob Benson (Partner, Head of Insurance), and David Morrey (Partner, Head of Investment Management) to explore the key trends and challenges impacting financial services and its various sectors.
The conversation covers:
- Regulatory environment
- Technology and innovation
- Macroeconomics and market trends
- M&A and consolidation
- And more
David Morrey and Ben Farmer discuss the responses from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on adapting to the Treasury's prioritisation of growth.
They also discuss the FCA's thematic review of wholesale brokers' anti-money laundering initiatives and the implications of its controversial email retention policy, as well as the ongoing Supreme Court case involving finance providers, the FCA and Markos Markou, and more.
David Morrey and Ben Farmer discuss the regulatory issues that they expect will have a significant impact on the financial services sector in 2025, including motor finance remediation and the future of the FCA Handbook.
They also ask what the growth agenda (and the Chancellor’s Christmas challenge to each regulator) will mean in practice.
In our final episode of the year, David Morrey and Ben Farmer discuss the latest updates on the motor finance saga, where the Supreme Court has expedited an appeal involving Close Brothers, and the FCA's involvement in urging a swift resolution.
The conversation also covers other topics related to this regulator:
- Consumer Duty feedback, and review of it in annual reports
- Insight on complaints and root cause analysis
- Consultation on the 'name and shame' rules
- Changes around MiFID in the FCA handbook
Other topics include reporting requirements for life insurers, advice guidance boundary review, and the Barclays fine settlement related to the Qatari investment disclosure case.
Read more about these updates Leave to appeal motor finance to Supreme Court, FCA open letter Letter to Supreme Court: support for application for expedition - Enforcement update https://www.fca.org.uk/news/press-releases/fca-seeks-further-views-enforcement-transparency-proposals
2024-2025 priorities for Consumer Duty https://www.fca.org.uk/publications/corporate-documents/our-consumer-duty-focus-areas
The FCA on the Consumer Duty in board reports
https://www.fca.org.uk/publications/good-and-poor-practice/consumer-duty-board-reports-good-practice-and-areas-improvementComplaints root cause analysis and areas for improvement
https://www.fca.org.uk/publications/good-and-poor-practice/complaints-and-root-cause-analysis-good-practice-and-areas-improvementCP24/24 MIFID Ord Regulation
https://www.fca.org.uk/publications/consultation-papers/cp24-24-mifid-organisational-regulation PRA CP on liquidity reporting for insurance
https://www.bankofengland.co.uk/news/2024/december/the-pra-consults-on-liquidity-reporting-reforms-for-insurersCP 24/27 advice guidance boundary https://www.fca.org.uk/publications/consultation-papers/cp24-27-advice-guidance-boundary-review-targeted-support-reforms-pensions
In the latest episode David Morrey and Ben Farmer discuss a bumper list of current regulatory issues as previewed in Rachel Reeves's Mansion House speech, aimed at unlocking innovation and growth:
Modernising the Financial Ombudsman Service
The Government's desire to modernise the Financial Ombudsman Service framework, including the previously issued call for inputs.
Certification regime consultation
An upcoming consultation on replacing the certification regime with a more proportionate system to reduce costs.
National payments
The Government's plan to publish a national payments vision and launch a pilot to deliver a digital gilt instrument using distributed-ledger technology.
ESG and green finance
The ongoing focus on ESG and green finance, with several upcoming consultations on various related items.
Financial services growth and competitiveness strategy
The Government's plans to publish a financial services growth and competitiveness strategy in spring 2025, alongside a call for evidence to gather industry input on the direction it should take.
FCA consultation on financial decision making
An upcoming FCA consultation aimed at helping households make better-informed financial decisions as part of the advice guidance boundary review.
Captive-insurance companies framework
The Government's consultation on a new framework for UK-based captive-insurance companies to make the country a more attractive hub for them.
Pension system reforms
The Chancellor's plans to reform the pension system to allow for greater investment.
Modernising the redress system
A call for input on modernising the redress system, focusing on improving the process for handling mass redress-events and addressing perceived misalignments between the FCA and the Financial Ombudsman Service.
Other recent developments discussed include:
FCA market study on premium finance
New FCA market study on premium finance in home and motor insurance. The study aims to understand the reasons behind rising premiums and assess whether premium finance arrangements represent fair value for customers.
Court of Appeal decision on motor finance
The recent Court of Appeal decision related to motor finance claims, which could potentially open the door for challenges to finance-related contracts with undisclosed commissions.
In this episode, we delve into the key aspects of motor insurance total loss claims.
Blandine Arzur-Kean, Managing Director, Grant Thornton is joined by colleague Philip Tregurtha, Director, Grant Thornton and Kate Pender, CEO, Fair4All Finance, to discuss:
- best practices for vehicle valuation and settlement processes
- fair and standardised processes for settling claims
- supporting vulnerable customers
- building trust with policy holders
- valuation challenges and claim frequencies associated with electric vehicles.
David Morrey, Head of Financial Services Regulatory Advisory, and Paul Garbutt, Head of Banking, discuss the recent Court of Appeal decision regarding motor finance complaints, which requires greater disclosure of commissions paid to brokers and explicit consent from borrowers.
This decision has significant implications for the industry, extending beyond regulatory requirements to contract law. During the episode we cover judgement overview, disclosure requirements, industry impact, implications for lending contracts and industry reaction, and risk mitigation.
It’s been over a year since the financial services industry began embedding the Consumer Duty for existing products. The FCA’s relentless focus on good consumer outcomes is reshaping the landscape.
In our latest podcast episode Blandine Arzur-Kean is joined by regulatory experts David Morrey, Peter Lovegrove, and Supriya Manchanda to discuss:
- the impact of the Consumer Duty
- challenges firms are facing around management information, data, outcomes testing, and ensuring good results for customers
- product governance and fair value assessments
- future of conduct regulation
- opportunities with AI
Do you need guidance on the Consumer Duty? You can get regular updates from our dedicated hub. Visit our Consumer Duty Hub here.
As the eighth edition of the FCA's Regulatory Initiatives Grid was delayed due to the General Election, an interim update to the November 2023 publication has been released for the period October 2024 to March 2025.
In this episode of the podcast, David Morrey and Ben Farmer pull out 10 key takeaways:
- Diversity and inclusion
- Basel 3.1 rules
- Prudential framework
- FCA's updated enforcement guide
- Remuneration regime consultation
- Multi-firm review of vulnerable customers advice
- Guidance boundary review
- External redress and remediation rules
- Capital requirements for financial advice firms
- Investment advice assessment tool
David Morrey and Ben Farmer dive into the latest key regulatory updates.
Consumer Duty
The FCA's thematic review 24/2 on product governance and its implications for the market, including the importance of firms adhering to product governance rules and the FCA's expectations around product reviews, fair value assessments, and the need for firms to provide evidence to support their conclusions. There is also similar feedback on Consumer Duty outcomes monitoring.
Audit firms' fines
Recent actions taken by the FCA against audit firms, specifically fines imposed on PwC and McIntyre Hudson for failings in their audits of Wealth Tech and London Capital and Finance plc, respectively. This conversation underscored the regulatory expectations and consequences for audit firms failing to detect or report fraudulent activities.
Financial Regulators Complaints Commissioner
A case reviewed by the Financial Regulators Complaints Commissioner involving a firm's complaint about the FCA's handling of a Voluntary Requirement (VREQ). The case highlighted issues with the FCA's communication and process around VREQs, leading to recommendations for the FCA to develop better guidance and processes.
Do you need guidance on the Consumer Duty? You can get regular updates from our dedicated hub. Visit our Consumer Duty Hub here.
Get the latest insights and guidance for financial services professionals straight to your inbox, subscribe here.
David Morrey and Ben Farmer dive into the latest key regulatory update topics, which include:
- Consumer Duty: discussion of the Consumer Duty one year after its establishment, focusing on the consequential changes and the FCA's call for input on updating the handbook to align with the Consumer Duty principles
- Handbook changes: insights into the Financial Conduct Authority’s (FCA) request for firms to identify areas in the handbook that create complexity or confusion, potentially leading to updates in the handbook
- Commercial insurance: examination of the definition of a consumer in the context of commercial insurance, with a discussion on potential changes to align with the Consumer Duty's scope
- Defined contributions pension schemes: a consultation on changing the rules for value for money assessments in defined contributions pension schemes to align with Consumer Duty standards
- Motor finance complaints: update on the FCA's review of motor finance complaints, including an extension of the pause on handling complaints and the likelihood of a consumer redress scheme
- Enforcement Case: a £250 million enforcement case involving H2O Asset Management, focusing on investment due diligence failures and misleading the FCA
Get the latest insights and guidance for financial services professionals straight to your inbox, subscribe here.
David Morrey and Ben Farmer discuss the impact of the general election on the financial services sector, such as the delays to the Regulatory Initiatives Grid, the Finance Act, the alternative investment fund designation bill, and the FCA's proposals on naming and shaming. Other topics discussed include:
- The FCA's decision to allow four insurers to resume selling GAP insurance after withdrawing it from the market due to concerns over fair value and commission levels
- The speech by the chair of the FCA on the future regulatory framework for asset management, including the potential for simplifying the Alternative Investment Fund Managers Directive (AIFMD), diverging from EU standards, and supporting technology innovation
- The Treasury Select Committee's questioning of the FCA's enforcement proposals, diversity and inclusion proposals, de-banking issues, access to cash, and the motor finance investigation
In this episode we discuss the latest developments and challenges in the motor finance industry.
Irina Velkova is joined by two of her Grant Thornton colleagues; fellow Director, Darren Castle, and Supriya Manchanda, Partner, as well as Adrian Dally, Motor Finance and Strategy Director at the Finance and Leasing Association.
The podcast looks at the FCA’s investigation into the historical discretionary commission arrangements and potential implications for consumers, lenders, dealers, and brokers.
They also discuss the regulator's actions and timelines for reviewing the DCAs and assessing consumer harm and potential redress. Finally, the panel also explain best practices and preparations that firms should be doing now to deal with the complaints.
The controversy over the FCA’s proposal to name and shame firms under investigation and the political and industry opposition to it, PRA Business Plan and its focus on international policy, growth and AI regulation and the FCA’s finalised guidance on anti-greenwashing are just some of the key topics discussed by David Morrey and Ben Farmer in this episode. Other developments discussed include; FCA’s consultations on extending the sustainability disclosure regime to portfolio managers and FCA’s enforcement action against Link Financial Services for its failures in overseeing the Woodford funds.
The FCA Business Plan 2024/25 landed slightly earlier than usual, but the content and structure are very similar to last year's plan. There's a continuation of familiar regulatory proprieties, but the growing remit and responsibilities of the FCA are clear. David Morrey and Ben Farmer delve into it, and discuss what it means for businesses in the rest of the year and beyond. Other key topics include the FCA’s enforcement consultation paper, Treasury Select Committee’s Sexism in the City report, social media financial promotions guidance, and more.
The insurance industry is undergoing a transformative journey driven by digital innovation, regulatory scrutiny, and enhanced consumer expectations.
In our latest podcast, Head of Financial Services, Alex Ellerton is joined by Rob Benson, Partner, Head of Insurance, and Stuart Riddell, Director, to explore the key themes for the sector in 2024. The conversation covers Consumer Duty, AI, climate and sustainability, data and governance and mergers and acquisitions.
Volatile interest rates, AI, and technology, regulation, and macroeconomic uncertainties are just some of the challenges the banking and capital markets will continue to face this year. The sector will need to ensure they have the correct processes, governance, and agility to adapt effectively.
In our latest podcast, Head of Financial Services, Alex Ellerton is joined by Paul Garbutt, Partner, Head of Banking Advisory, and Ed Allen, Managing Director of BRS, to explore the key themes for the sector in 2024.
The FCA has published an insight setting out examples of good and bad practice that it has observed in firms' implementation of the Consumer Duty.
David Morrey and Ben Farmer discuss the FCA’s thematic feedback on the implementation, highlighting good and bad practices. Other developments discussed include: the FCA’s intervention in the GAP insurance market, the PRA’s sector letters for insurance and banking, and a significant consultation on how the FCA Enforcement approach could change.
The year ahead is set to bring both opportunities and reasons for caution to investment managers, with challenges spanning the uncertain impact of regulatory change, emerging technologies, and the long-running struggle with shrinking margins.
In our latest podcast, Head of Financial Services, Alex Ellerton is joined by David Morrey, Partner, Head of Investment Management, and Jonathan Charles, Director, to explore the key themes for the sector in 2024. The conversation covers Consumer Duty, AI, sustainability, macroeconomic factors, and future proofing.
Could the ongoing Financial Conduct Authority (FCA) investigation into the motor finance industry could be as big as the PPI scandal? David Morrey and Ben Farmer discuss the ongoing motor finance market review and what it could mean for the industry. Other developments discussed include: the overseas fund regime, PRA sector priority letters, an update on the Ringfencing Regime review, a near-record fine from the PRA, Labour’s FS policy, and much more.
David Morrey and Ben Farmer discuss regulatory topics for 2024 that will have a significant impact on institutions operating in the financial services space. They also touch upon Consumer Duty next steps, operational resilience and expected supervisory activity over the next 12 months.
In this episode Irina Velkova welcomes Eric Usher, head of the UNEP Finance Initiative, to discuss its Principles for Responsible Banking (PRB). We also addressed The Paris Agreement, critical agreements for COP28, challenges hindering global efforts to finance sustainable projects, and delivering climate goals.
In this episode, Irina Velkova welcomes Niki Mardas, Executive Director of Global Canopy, to discuss nature-positive investments, COP28 notable moments and key takeaways, the State of Finance for Nature report, and TNFD final recommendations for nature-risk management and disclosure.
In our final podcast of the year David Morrey and Ben Farmer discuss the latest edition of the Regulatory Initiatives Grid and recap on regulatory policy publications covering access to cash, sustainability disclosures, critical third parties, the advice guidance boundary and much more.
In this episode Irina Velkova welcomes Chris Dodwell, Head of Policy and Advocacy at Impax Asset Management, live at COP28, to discuss the role of investors in contributing to climate solutions. We also covered what's happened since The Paris Agreement, critical agreements for COP28, and investors approach to risk, including policy risk and country risks.
Can insurance be a force for good in the fight against climate change? In this episode Irina Velkova welcomes Anthony Hobley, Senior Strategic Advisor at Howden Group, live at COP28 to discuss the role of insurance with respect to net zero nature-positive transition. We also covered acceleration of carbon extraction development and carbon capture storage, as well as standardisation of carbon tracking.
We bring you this episode live from COP28, where Irina Velkova welcomes Michael Mainelli, Lord Mayor of the City of London. The Lord Mayor has voiced that climate action is investable and solvable, so in this episode we delve into this further, discussing the important decisions that will come out of COP28, carbon credit-trading, and Government Green Bonds.
Fossil fuel debate takes centre stage as COP28 continues in UAE, with more than 100 countries already supporting a phase-out to bring fossil fuel emissions to zero.
We bring this episode live from COP28 where Irina Velkova welcomes Andrew Griffiths, Director of Policy & Partnerships at Planet Mark, to discuss the latest update on fossil fuel phase-out. The key talking point is the claim by Sultan Ahmed Al Jaber, President of COP28, that there's ‘no science’ indicating that a phase-out of fossil fuels is needed to restrict global heating to 1.5C. Decarbonisation of the global energy system and ramping up clean energy as we move away from the use and production of fossil fuels was also discussed.
David Morrey and Ben Farmer discuss new reporting changes for diversity and inclusion (D&I) and how firms will need to improve their D&I strategies, reporting further on disability and ethnicity alongside the already-reported gender pay gap.
Other developments discussed include: Consumer Duty, crypto, interest rates, and much more – sharing insight on how firms and consumers can prepare for the changes ahead.
What factors affect 'fair value' for the Consumer Duty?
Setting higher and clearer standards for firms of consumer protection within the financial services sector, David Morrey and Ben Farmer discuss the FCA's Consumer Duty initiative and the outcomes that it's trying to achieve through 'fair value' in their recent regulatory update.
Other developments discussed include: cost of living, crypto, lending and mortgages, and much more – sharing insight on how firms and consumers can prepare for the changes ahead.
In a fast-changing financial services landscape internal audit has become a force of innovation in its own right. Can your own function keep up with the pace?
To find out more about what’s happening in internal audit, listen to a special episode of our financial services regulatory podcast.
Rob Benson and Vivian Lagan from our financial services business risk team are joined by a panel of experts to discuss our recent Internal Audit Report 2022/23:
- Fotoulla Charalambous, Chief Internal Auditor, EBRD
- Carly Eaton, Chief Internal Auditor at Provident Financial Group
- Nick Curle, Chief Auditor, Natwest Group
The panel examines how internal audit can measure performance and help businesses prepare for the many challenges ahead as strategies, regulatory demands, and operating models evolve.
You can read more about our Financial Services Internal Audit Survey findings and download the full report here.
As the cost-of-living crisis continues to impact the UK, households are facing challenges with repayments and interest rates: from mortgages to everyday spending.
In July’s regulatory update, David Morrey and Ben Farmer discuss the latest pressures on businesses: the Consumer Duty, mortgage and interest rates, Solvency II, enforcement cases, and more – sharing insight on how firms and consumers can prepare for the changes ahead.
The next Consumer Duty deadline comes into force in July this year. Introducing new arrangements, enhancing existing governance, making fair value assessments, monitoring processes, and ensuring they can demonstrate compliance by the deadline has been an intensive and challenging journey for many firms.
In this episode, Irina Velkova welcomes Joseph Twigg, CEO at Aveni, and Simon Murphy, Sales and Marketing Director at Vizolution, to our Risk and Regulation Unravelled podcast to discuss the major role that regtech firms play in supporting implementation of the Duty, and the value of technical solutions.
As the next Consumer Duty deadline fast approaches, David Morrey and Ben Farmer discuss what looms for firms, and which assessments will help them meet the new requirements as they prepare for the significant restructuring of consumer protections.
Other developments discussed include: sustainability, greenwashing, mortgages, the Prudential Regulation Authority’s Business Plan, climate change, and much more – sharing insight on how firms and consumers can prepare for the changes ahead.
In this episode David Morrey and Ben Farmer discuss learnings from the collapse of SVB, the FCA Business Plan, the Financial Services and Markets Bill's progress through the House of Lords, and the first consultation on the Senior Managers and Certification Regime – sharing insight on how firms and consumers can prepare for the changes ahead.
The Financial Conduct Authority (FCA) has published its Business Plan for 2023/24. This year the plan has a strong alignment with the FCA’s strategy, focusing on better outcomes for consumers and markets. The regulator will be accelerating its work in four areas over the next year: putting customers’ needs first; preparing financial services for the future; strengthening the UK’s position in wholesale markets; reducing and preventing financial crime.
David Morrey and Ben Farmer delve deeper into the FCA’s priorities and discuss what it means for businesses in the rest of the year and beyond.
The FCA has made it clear in their recent consultation paper that it is determined to tackle greenwashing and has highlighted that it will apply the marketing guidelines as early as June 2023, once the final rules are published.
In this episode, Irina Velkova is joined by Sarah Woodfield, Active Ownership Manager at Schroders, and Kate Boulden, Associate Director, Alternative Investment Management Association, for a conversation around sustainability disclosure requirements (SDR), and what we may see coming later this year in the final rules.
Please note: this podcast was recorded before the FCA updates on SDR and investment labels consultation.
Basel 3.1, interest rate environment, regulation and macroeconomic uncertainty are just some of the challenges the banking sector will continue to face this year. Banks need to ensure they have the correct processes, governance, and agility to adapt effectively.
In our latest podcast, our regular host Irina Velkova is joined by Paul Garbutt, Partner, leader of our financial (prudential) regulatory practice, and Simon Hills, Director of Prudential Regulation at UK Finance to explore the key themes for the banking sector in 2023.
It's set to be another challenging year for investment managers who must navigate macroeconomic headwinds and make big calls on investments and risk, all while the industry tackles long-term structural challenges (and opportunities) around margins and technology.
Following the success of last year’s ‘top trends’ series for financial services sectors, Irina Velkova is joined by David Morrey and Jonathan Charles to discuss 2023's key trends in the investment management sector, including ESG, AI, Blockchain, the Edinburgh Reforms and Consumer Duty.
The Financial Conduct Authority (FCA) has released the sixth edition of the Regulatory Initiatives Grid. There was a delay in the publication (originally expected November 2022) so regulators could consider how the Edinburgh Reforms will impact the regulatory pipeline and initiatives in the coming years.
David Morrey and Ben Farmer explain the new initiatives added to the February 2023 Grid.
The FCA's Consumer Duty regulation sets higher and clearer expectations for financial services firms, requiring them to put customers’ needs first.
As we creep up to the relevant phased deadlines for implementing the regulation, David Morrey and Ben Farmer look at key feedback, including Dear CEO letters for sectors, and multi-firm reviews. David and Ben also discuss financial hot topics, including: Buy Now Pay Later, crypto-consultation, the Financial Services and Markets Bill, and much more – sharing insight on how firms and consumers can prepare for the changes ahead.
2022 gave us new operational resilience expectations, the Consumer Duty, and a magnified outlook on climate change and biodiversity. But with firms now integrating these changes into their strategies, what will the year ahead bring?
In this episode Irina Velkova is joined by Robert Hannah, Head of International, Large Corporate and Governance Advisory, who also sits on our strategic leadership team, and Alex Ellerton, Head of Financial Services, They'll discuss what developments we expect in 2023, including in response to geopolitical tensions, AI, sustainability, cryptocurrency, the cost-of-living crisis and other economic pressures.
The Edinburgh Reforms will consist of over 30 regulatory changes, aiming to lead development and competitiveness in financial services. As the Chancellor only announced 13 of them in his December speech, there's still plenty of scope to speculate on what they might look like.
Alongside a discussion of the reforms, David Morrey, and new co-host Ben Farmer, tackle other developments within financial services: Consumer Duty; recent FCA board minutes; inclusion and diversity; and enforcement cases. They'll be looking back on their 2022 highlights to share guidance on how firms can prepare for the changes ahead.
Related content: Edinburgh Reforms – key announcements | Grant Thornton
Out with the old regulatory year, in with the new.
We close in on the end of 2022 and reflect on another 12 months of risk and regulation.
This month also marks Gavin Stewart's farewell appearance on the podcast. On their final regulatory update together, he talks to David Morrey about the Edinburgh Reforms, the deleted call in power and a festive season-sized package of regulatory developments.
Join us again in 2023, for a new year and a new co-host for David.
Is meaningful de-regulation quietly fading into the background of the new government’s plans? Will regulatory independence become a political battleground?
In our latest podcast David Morrey and Gavin Stewart discuss the latest developments, including: the Bank of England, Financial Services and Markets Bill, Mansion House speeches, de-regulation agenda, and recent enforcement cases – sharing insight on how firms and consumers can prepare for the changes ahead.
The relatively dramatic developments in financial markets that the UK is enduring are impacting many areas of life. The insurance sector has been affected by it too, although it's demonstrating a remarkable robustness, given the global turmoil in the last couple of years.
In this episode, Irina Velkova, is joined by Paul Cooper, Group Chief Financial Officer at Hiscox, Charlotte Clark, Director of Regulation at the Association of British Insurers, and Rob Benson, Partner at Grant Thornton UK LLP, to discuss resilience in the insurance sector, and how to overcome its current challenges.
How are firms and consumers responding to the fluctuations of the cost-of-living crisis?
A lot has happened over the last few months, and after short breaks in the sun, taking time to ready the new Consumer Duty final rules of course, David Morrey and Gavin Stewart are back to discuss the latest regulatory developments including: the prime minister, the cost-of-living crisis, 'mortgage prisoners', pension schemes, and more, sharing insight on how firms and consumers can prepare for the changes and challenges ahead.
Note: as this podcast was recorded earlier in October, sudden changes in the government means there is reference to Liz Truss temporarily as Prime Minister.
The new operational resilience rules have been effective since March 2022, forcing firms to think much more about how they communicate with customers when disruption does occur. Further regulatory developments are expected in the upcoming period to 2025, which will require firms to transition into new requirements.
In this episode, Irina Velkova is joined by Joanne Johnson, Head of Operational Resilience and End-to-End Controls at Wesleyan, and David Young, Associate Director at Grant Thornton UK LLP, for a conversation around how operational resilience is becoming a priority for firms.
What changes have been made with the Consumer Duty’s final rules since the FCA’s last consultation? And when are financial services firms expected to start implementing the regulation?
The Financial Conduct Authority (FCA) has published the final rules for its new Consumer Duty. The rules set a higher bar, building on the previous conduct-based initiatives that underpin its expectations – pushing compliance to higher levels, aimed at setting clearer and stronger requirements that firms deliver good outcomes for consumers.
In this latest episode, our regular host Irina Velkova is joined by our Head of Regulation, Alex Ellerton, Partner, asking key questions about the new Duty and what this means for firms across the industry.
The FCA have appointed a new chair, six new directors, as well as an additional 500 hires. Will these leadership changes, as well as new leadership in government, impact the way regulators operate?
In our latest regulatory update David Morrey and Gavin Stewart discuss the latest developments, including: changes in FCA leadership, the cost-of-living crisis, crypto-regulation, and their summer holiday regulatory reading list - sharing insight on how firms can prepare for the changes ahead.
The new inflation figures have come out and a 40-year record has been set, impacting the cost-of-living crisis once again. As customers are feeling more vulnerable, we are starting to see regulatory moves are being made to relieve the crisis going forward.
In our latest regulatory update, David Morrey and Gavin Stewart discuss the latest developments including: the cost-of-living crisis, Regulatory Initiatives Grid, Buy Now Pay Later, and speeches covering topics of technology innovation, sandboxes and sprints – raising awareness on how firms can prepare for the changes ahead.
Financial services' role in driving climate change action now includes delivering the ESG agenda. Biodiversity is another environmental risk and increasing focus for sustainable investing, and the regulators are likely to increase regulation and reporting requirements in this area, putting pressure on firms to assess the impact of their actions on nature. But, it also brings opportunities.
In this episode our regular host Irina Velkova is joined by Amanda O'Toole, Senior Portfolio Manager at AXA Investment Management and Equity, and Dr Simon Zadek, Chair of Finance for Biodiversity, to discuss the challenges and opportunities that biodiversity brings to the financial services industry.
On 5th May 2022, the Bank of England (BoE) announced the latest base rate of 1%, increasing from 0.25%, with potential continued small rises to inflation and prices. The latest Regulatory Initiatives Grid (RIG) also references the cost of living crisis: "we will have a pivotal role in supporting consumers, particularly those in vulnerable circumstances. We stand ready…" and warns there could be changes to the RIG as a result.
In our latest regulatory update, David Morrey and Gavin Stewart discuss the latest developments including: the cost of living crisis, the Prudential Regulation Authority Business Plan (PRA) 2022/23, Regulatory Initiatives Grid, and speeches from the regulators covering topics of cryptocurrency – sharing insight on how firms can prepare for the changes ahead.
Navigating 2022 requires resilience, preparation, and adaptation. Capital markets have encountered the immediate impacts of geopolitical fragility, with markets reflecting the increased risk as well as the pressure on inflation, energy prices, and supply chains. The sector also faces continuing challenges from post-LIBOR era and post-Brexit regulatory requirements, and ESG net-zero targets. In this episode, Irina Velkova is joined by Harps Sidhu, Partner and Head of Capital Markets, to round up how firms can adapt to key trends in capital markets.
The Financial Conduct Authority (FCA) have published their Business Plan for 2022/23. This year the plan has a strong alignment with the FCA's strategy, focusing on three areas: 'reducing and preventing serious harm; setting and testing higher standards; promoting competition and positive change.'
The Business Plan also proposes detailed metrics to measure progress against their commitments for 2022/23, emphasising their new desired-outcome driven plan.
David Morrey, Partner, Head of Investment Management Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, delve deeper into the FCA's plan and priorities, and discuss what it means for businesses in the rest of the year and beyond.
Geo-political factors, ESG, cyber risk and the struggle for talent are some of the challenges the banking sector will continue to face this year. On top of this, pandemic recovery is still ongoing for many. Banks need to ensure they have the correct processes, governance, and agility to adapt effectively. In our latest podcast episode, our regular host Irina Velkova is joined by Paul Garbutt, Banking Partner at Grant Thornton UK LLP, to explore the key themes for the sector in 2022 and explain how firms can prepare to get ahead of the curve.
Kickstarting a new series, Irina Velkova is joined by David Morrey, Grant Thornton’s Partner, Head of Investment Management, to discuss the focus areas in the sector this year. Key themes include the Investment Firm Prudential Regime (IFPR), ESG, consolidation of the market and the ongoing pressure on margins and the re-discovery of political risk. Important questions arise around how the sector prepares for these changes, the challenges organisations will most likely face in responding to them, and how recent developments will effect investment management firms in 2022.
The Financial Conduct Authority (FCA) continues to respond to external events: including the impact on regulation of UK sanctions relating to Russia, cost of living increases, global action on cryptocurrencies and a potential strike vote from its own staff. In our latest regulatory update, David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, discuss the latest developments and share insight on how firms should prepare for the upcoming regulatory agenda.
What are the hot topics for the financial services industry in 2022? COVID-19 has dictated the narrative for the last two years, but as we transition into a post pandemic world this year promises a lot of focus on risk and regulatory matters, much of it driven by regulators. In this episode, Irina Velkova is joined by Sandy Kumar, Head of Financial Services and Business Risk Services, Grant Thornton UK LLP, and Alex Ellerton, Partner, Grant Thornton UK LLP to explore key themes for firms this year: including ESG, cyber, data, consumer duty, inclusion and diversity as well as the impact of current global economic challenges on the Financial Services industry.
Regulators are facing a shift in focus - with a big emphasis on responding to external events. With rising inflation rates, cost of living, possible industrial action of its own, firms must be prepared to adapt to new regulatory agenda items in the upcoming months. Current consultation papers, such as that on Appointed Representatives, would attract bigger headlines in more normal times. David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, discuss these updates and share insight on what firms should expect from the regulators.
Businesses all over the world are facing another large transformational change: hybrid working. And, change always brings challenge: from organisational and operational resilience, and culture, to security risks and leadership.
On hybrid/remote working, the FCA has set out its own expectations so firms can ensure they're meeting their regulatory responsibilities.
Our host Irina Velkova discusses the impact of these new ways of working with an expert panel: Andre Katz, Group Risk Director for Operational Resilience, Lloyds Banking Group, Susan Andrew, Head of Delegated Underwriting Management, Brit Insurance and Aegean Simpson, Senior Manager of People and Culture, Grant Thornton UK LLP.
Listen for insight on the lessons learned from last two years, and guidance on what the future of work will look like.
On 31 December 2021 the Financial Conduct Authority (FCA) issued a press release reviewing its highlights of the year. Now, it's time to ask, what will the regulator's key priorities be in 2022?
David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP return in for our monthly podcast to discuss what the FCA will be looking at this year: from crypto to recent enforcement cases.
Listen to this episode for insight on how the regulator will engage with firms in the upcoming months.
As we approach the end of the year, the FCA has released its much-anticipated final consultation on the proposed new consumer duty. It seems to be little change from the original. David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP discuss the what this version means for firms – whilst looking back on the year and sharing insight on what to expect in 2022.
The Financial Conduct Authority (FCA) has released several updates this month, including publishing the Regulatory Initiatives Grid and the Future Regulatory Framework. These updates clearly show the regulator's priorities – the 11 new ESG initiatives fit the theme of the recent COP 26 conference.
David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP and Gavin Stewart, Director, Grant Thornton UK LLP, discuss these updates and share their insights on what to expect ahead of the regulators ESG strategy.
HM Treasury published its final consultation paper for the Future Regulatory Framework (FRF) Review on 9 November 2021. The FRF sets out the government's views on post-Brexit financial services regulation in the UK. Our host, Irina Velkova, is joined by Matthew Conway, Director, Strategy & Policy, at UK Finance, and Gavin Stewart, Director, Grant Thornton Financial Services Group, an established commentator on regulation – the panel shares their insight on the new changes taking shape, the practical challenges it might bring, and what the FRF means for you.
Regulators and HM Treasury are expected to release several updates imminently including the Future Regulatory Framework (FRF) Review, Regulatory Initiatives Grid, and consultation papers.
David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP and Gavin Stewart, Director, Grant Thornton UK LLP share their insight on this months' regulatory developments and take a deep dive into what's expected from the regulators' crowded pre-Christmas agenda.
Earlier this year, the FCA published its final guidance on the fair treatment of vulnerable customers. This is intended to drive a practical shift in firms' actions and behaviours towards these customers.
In this episode, Irina Velkova is joined by Maxine Pritchard, Head of Financial Inclusion and Vulnerability at HSBC UK, and Peter Lovegrove, Director at Grant Thornton UK LLP, for a conversation around how firms are expected to implement this guidance.
The Financial Conduct Authority (FCA) is trying to move on from COVID-19 in the last few months of 2021. As we prepare for 2022,David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP discuss this month’s regulatory developments and look back at the summer. The packed episode includes the end of the furlough scheme, recent enforcement cases, the FCA's 'Transformation', and its consumer investment strategy.
The FCA published their Business Plan for 2021/22, setting an ambitious agenda for change. This year’s Business Plan can be viewed as an attempt to transition the Financial Conduct Authority (FCA) to become what is hoped to be a new regulator for the 2020s – more “innovative, assertive and adaptive.” David Morrey and Gavin Stewart delve deeper into the plan and priorities of the FCA and discuss whether we're looking at a new type of regulator.
On the podcast this week:
• David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton
The UK Investment Firm Prudential Regime is a new, streamlined and simplified process for the prudential regulation of investment firms in the UK.
We're joined by Colm Donnelly, Head of EMEA Prudential Reporting, Invesco to discuss the key aspects of the regime, how this will impact the way firms approach risk, and what is needed for implementation.
In the UK, the joint regulator and government task force on climate-related financial disclosures (TCFD) have published the roadmap towards mandatory climate-related disclosures. ESG and impact investing has taken a prominent place in all discussions lately.
We're joined by Edward Dixon, Head of ESG, Aviva Investors Real Assets and Paul Young, Head of Finance, Risk and Compliance to discuss the upturn in regulatory activity, what investors are facing and how to prepare for it.
As firms have adapted to the circumstances of lockdown almost overnight, there's been an inevitable increase in operational risk. Regulators are looking to confirm companies are minimising the impact of disruption by adapting, responding and recovering, while protecting their customers.
We're joined by our Andrew Rogan, UK Finance and Tim Armit, former Post Office to discuss the upcoming Financial Conduct Authority (FCA) statement on operational resilience.