Risk & Regulation Rundown

This episode explores the Solvency II reform and its impact on the insurance sector, including proposed changes to the risk margin and matching adjustment. It discusses the tension between the Treasury and the PRA, the importance of data accuracy, and the challenges insurers face in managing the regulatory agenda. The potential impact of the Solvency II review, increased inflation and interest rates, and other regulatory topics like IFRS 17 are also discussed.

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

David Kenmir, Partner in PwC’s Authorisation and Conduct practice, and Tessa Norman, Manager in our Financial Services Regulatory Insights team, discuss the challenges and opportunities of the FCA's consumer duty proposals. Topics include subjective judgment calls, monitoring outcomes, preparation steps for firms, and the impact on supervisory interactions with the regulator. The podcast also explores value assessment in the financial industry, embracing the purpose of consumer duty regulation, and the connection between consumer duty and ESG initiatives.

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

Lucas Penfold and Declan McGinn join the host to discuss the key messages from COP26, challenges faced by firms in meeting evolving regulatory requirements, upcoming regulatory deadlines, and the importance of achieving net zero carbon emissions.

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.