Risk & Regulation Rundown: Recent Episodes
PwC UK
PwC’s Financial Services risk and regulation podcast, discussing the latest developments affecting the industry, some insights from our work with clients, and our perspective on industry talking points. Led by PwC host Tessa Norman, who’s joined by a range of guests each month.
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 CSRD
In 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
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 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