Regulation Tomorrow Podcast

In this episode, Jonathan Herbst, Matthew Gregory and Iain Hawthorn focus on the fast-approaching 31st October deadline for firms’ management bodies to have approved the implementation plan for the new Consumer Duty. We discuss how firms can prepare for the challenging deadline and how we can help with our Implementation Toolkit. For more resources on the Consumer Duty, visit: https://www.nortonrosefulbright.com/en/knowledge/publications/b0936dc1/consumer-duty

This podcast explores the UK Financial Services and Markets Bill, focusing on the provisions on EU retained law, revoking retained EU law in UK financial services, the timing and repeal process, the power of HM Treasury, and potential divergence in financial services regulation between the UK and the EU after Brexit.

Katie Stephen and Celia Cohen discuss key regulatory risks in the UK and US regarding ESG issues, emphasizing the risks of greenwashing, individual accountability, reputational concerns, and the importance of practical steps to manage these risks, including staying informed, risk management, training, and effective response to ESG issues.

Provisions on financial promotion in the UK Financial Services and Markets Bill, lack of expertise and oversight in approving financial promotions, upcoming changes in the sector, potential impacts on investment-based crowdfunding platforms, recent policy statement by the FCA regarding changes to financial promotion rules for high-risk investments and firms.

Discussion on recent developments in the sanctions landscape for regulated firms, including evasion techniques highlighted in a sanctions alert, updates on money laundering through crypto assets, FCA's response to Treasury Select Committee on Russia sanctions, and the importance of staying informed about financial crime and crypto assets.

Overview of the UK Financial Services and Markets Bill, including regulatory powers, changes to lipid package, new areas of regulation like crypto, market infrastructure, and significant detailed changes. Impacts of changes in government and regulators' powers. Familiar and new areas of regulation, including Miffid package changes, designative activities regime, financial promotion gateway, regulation of crypto, and powers over critical third parties. Provisions for senior managers, resolution, and sandbox. Changing control and disciplinary actions against formerly authorized persons.

A podcast explores the UK Financial Services and Markets Bill, focusing on critical third parties and their implications for firms. Topics discussed include the concept of critical third parties, potential changes to regulations, policy objectives, expansion of UK regulation to non-financial institutions, and implications for policy and economic risks.

The podcast discusses the key takeaways from the FCA's policy statement on the consumer duty, including phased implementation with specific dates for new and existing products. It emphasizes the importance of boards, governance, culture, and lasting changes to practices. Also discussed are board-level champions, reflecting the consumer duty, and senior manager accountability.

In our third episode of our series focusing on the FCA’s new Consumer Duty, Joe Bamford and Iain Hawthorn discuss the importance of monitoring and testing and some practical considerations for firms ahead of the implementation date.

In our second episode of our series focusing on the FCA’s new Consumer Duty, Matt Gregory is joined by Iain Hawthorn who explore the consumer understanding outcome, what it hopes to achieve and some practical considerations for firms ahead of implementation.