Financial Services Risk and Regulation Unravelled Podcast

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.