Risk & Regulation Rundown

In the final episode of our three-part deep dive mini-series, host Tessa Norman is joined by Alex Bertolotti, PwC UK’s Insurance Leader, and Samantha Jones, Director in PwC UK’s insurance risk and regulation practice, to explore the dynamic forces reshaping the insurance sector.  Our guests unpack the growing pressures facing insurers – from cost inflation and consolidation trends to regulatory scrutiny and climate risks – and share insights on how firms can respond. The discussion covers the FCA’s evolving regulatory approach, technological transformation across underwriting and claims, and the implications of emerging AI use cases. We also explore how insurers can balance commercial sustainability with fair value, and the role of data and MI in driving better customer outcomes. You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com, alex.bertolotti@pwc.com, and samantha.x.jones@pwc.com  You can access the publications mentioned in the podcast below: PwC Insurance Banana Skins: https://www.pwc.co.uk/insurance/assets/pdf/insurance-banana-skins-2025.pdf   To hear more from us on financial services risk & regulation, you can also access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html.   

In this episode, guest host Laura Talvitie is joined by Elise Soucie Watts, Executive Director at Global Digital Finance, and Amanda Wick, Founder of the Women in Crypto Association and author of The Catalysts, to unpack the evolving regulatory landscape for stablecoins and central bank digital currencies (CBDCs).Our expert guests explore the drivers behind the recent uptick in stablecoin adoption, how the United States’ GENIUS Act is catalysing digital asset activity, and the emerging policy development in the UK’s regulatory framework. We also examine the impact of global macroeconomic and political trends, the implications of CBDCs, and share views on the future of digital assets in a rapidly evolving financial services environment.You can contact PwC’s Laura Talvitie if you’d like to discuss any of the topics covered at laura.talvitie@pwc.com. To hear more from us on financial services risk & regulation, you can also access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html.  

In this episode of PwC's Risk & Regulation Rundown podcast series, host Tessa Norman is joined by Mark Batten, PwC UK Banking and Capital Markets (BCM) Leader, and Conor MacManus, Director in PwC UK’s Regulatory Insights team, to explore the emerging trends impacting the banking and capital markets landscape. From navigating macroeconomic and geopolitical pressures, to responding to evolving regulatory and consumer expectations, our guests discuss the structural and strategic shifts shaping the future of the BCM sector, and share perspectives on how the sector can boost the UK’s mission of economic growth.We also unpack the impact of changing competition dynamics, industry consolidation, and rapid technological transformation - including AI adoption and digital banking - and consider how firms can evolve their business and operating models to remain competitive and thrive amid continued transformation across the sector. Subscribe to the regular series here: https://www.pwc.co.uk/industries/financial-services/risk-and-regulation-rundown-podcast.html

In the first of a three-part mini series exploring the trends impacting the financial services sub sectors, host Tessa Norman is joined by Albertha Charles, PwC UK and Global Asset and Wealth Management (AWM) Leader, and Andrew Strange, Director in PwC UK’s Regulatory Insights team, to take a deep dive into the drivers of change in the AWM sector. Against a backdrop of market volatility, shifting investor expectations, and increasing regulatory complexity, our expert guests explore the forces reshaping the AWM landscape - from the rapid rise of private markets to generational wealth transfer.We discuss how technology is driving change, enabling both operational efficiencies and new revenue opportunities through innovations such as tokenised funds and tech-as-a-service offerings. Our guests also unpack the UK’s policy drive for growth, examining regulatory initiatives including the FCA’s advice guidance boundary review, consumer composite investment regime, and outcomes-based model of supervision.We conclude with a look at how firms are rethinking strategy in light of these trends, and what will differentiate those that thrive in this period of transformation. You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com, albertha.charles@pwc.com, and andrew.p.strange@pwc.com. You can access the publications mentioned in the podcast below:PwC value in motion: https://www.pwc.com/gx/en/issues/value-in-motion.html PwC’s Asset and Wealth Management Revolution: https://bit.ly/44lQVZF To hear more from us on financial services risk & regulation, you can also access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html.  

In this episode, host Tessa Norman is joined by Derek Leatherdale, Senior Geopolitical Risk Adviser at Sibylline, and Sean Withington, Senior Manager in PwC’s Geopolitics team, to explore the rising prominence of geopolitical risk for the financial services sector.Our expert guests unpack the complex and fast-moving nature of today’s geopolitical landscape, highlighting how this risk is increasingly shaping strategic, operational and regulatory priorities for firms. We delve into the evolving regulatory expectations and implications for firms’ operational resilience, cross-border capital flows, and risk and compliance structures.Our guests also share practical actions firms can take to enhance their geopolitical risk management – from scenario planning and integrated testing to organisational structures – and reflect on how the sector can draw lessons from more mature industries. As firms look to the future, we discuss the steps leaders can take to build resilience and readiness in an era where geopolitics is a core risk consideration.You can contact our PwC speakers if you’d like to discuss any of the topics covered, at tessa.norman@pwc.com and sean.withington@pwc.com. To hear more from us on financial services risk & regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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