Regulators are facing a shift in focus - with a big emphasis on responding to external events. With rising inflation rates, cost of living, possible industrial action of its own, firms must be prepared to adapt to new regulatory agenda items in the upcoming months. Current consultation papers, such as that on Appointed Representatives, would attract bigger headlines in more normal times. David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, discuss these updates and share insight on what firms should expect from the regulators.