In a highly competitive and demanding business environment, the regulatory context is increasingly challenging. The FCA’s approach of intrusive supervision and its focus on firms delivering good outcomes for markets and consumers is the new normal, alongside a continuing pipeline of major regulatory regime changes.
In this context, many firms are re-considering their business models, governance and data to support their business activities whilst complying with increasingly complex regulatory demands.
Currently, many firms are finalising their arrangements to bring to life the Consumer Duty. A focus on outcomes has led many firms to review their offerings, the MI and data they need to support their businesses and their cultures so that they can successfully execute their key business activities.
Our team of regulatory specialists advise banks and other financial institutions on a broad range of conduct and regulatory matters. We put the needs of our clients centre stage and provide effective solutions which are right for their businesses and acceptable to regulators.
We also support firms’ leadership teams in carrying out reviews and investigations into a wide range of conduct issues.
Our team combines front line banking and deep regulatory experience as well as extensive industry knowledge to give fully rounded advice to solve business critical challenges.
We support our clients through significant regulatory change, internal and external enquiries, outcomes testing and reviews and culture/governance reviews and transformations.
Case study |
For one client which is preparing for the Consumer Duty, we created bespoke material to enable its senior managers to make and evidence sound judgments on fair value assessments. Our commercial insights, and recognition of the commercial realities of the client’s business sector, coupled with our deep understanding of the new regulatory framework and how it will work in practice, enabled us to give practical, pragmatic solutions to our client. As a result, our client made business model changes whilst remaining a leading lender in its field – and moved forward with confidence to deliver its lending consistent with its business objectives as well as the new regulatory landscape. Another key challenge for our client was data: the higher standard of the Consumer Duty requires firms to collect appropriate data to provide insights about and to monitor customer outcomes. We advised our client on the types of information to collect and a strategy for gathering that data which involved re-configuring its approach to achieve compliance with the Consumer Duty. |
On 11 January, following the first decisions from the Financial Ombudsman Service (“FOS”) upholding complaints relating to “discretionary commission arrangements”, the FCA published its long-expected intervention relating to historic commission issues in the motor finance sector.
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