Financial Services Risk and Regulation Unravelled Podcast

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:

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.

It’s been over a year since the financial services industry began embedding the Consumer Duty for existing products. The FCA’s relentless focus on good consumer outcomes is reshaping the landscape. 

In our latest podcast episode Blandine Arzur-Kean is joined by regulatory experts David Morrey, Peter Lovegrove, and Supriya Manchanda to discuss: 

• the impact of the Consumer Duty 

Do you need guidance on the Consumer Duty? You can get regular updates from our dedicated hub. Visit our Consumer Duty Hub here.

As the eighth edition of the FCA's Regulatory Initiatives Grid was delayed due to the General Election, an interim update to the November 2023 publication has been released for the period October 2024 to March 2025.

In this episode of the podcast, David Morrey and Ben Farmer pull out 10 key takeaways:

1. Diversity and inclusion

David Morrey and Ben Farmer dive into the latest key regulatory updates.

Consumer Duty

The FCA's thematic review 24/2 on product governance and its implications for the market, including the importance of firms adhering to product governance rules and the FCA's expectations around product reviews, fair value assessments, and the need for firms to provide evidence to support their conclusions. There is also similar feedback on Consumer Duty outcomes monitoring.

Audit firms' fines

Recent actions taken by the FCA against audit firms, specifically fines imposed on PwC and McIntyre Hudson for failings in their audits of Wealth Tech and London Capital and Finance plc, respectively. This conversation underscored the regulatory expectations and consequences for audit firms failing to detect or report fraudulent activities.

Financial Regulators Complaints Commissioner

A case reviewed by the Financial Regulators Complaints Commissioner involving a firm's complaint about the FCA's handling of a Voluntary Requirement (VREQ). The case highlighted issues with the FCA's communication and process around VREQs, leading to recommendations for the FCA to develop better guidance and processes.

Do you need guidance on the Consumer Duty? You can get regular updates from our dedicated hub. Visit our Consumer Duty Hub here. 

Get the latest insights and guidance for financial services professionals straight to your inbox, subscribe here. 

David Morrey and Ben Farmer dive into the latest key regulatory update topics, which include:

• Consumer Duty: discussion of the Consumer Duty one year after its establishment, focusing on the consequential changes and the FCA's call for input on updating the handbook to align with the Consumer Duty principles

Get the latest insights and guidance for financial services professionals straight to your inbox, subscribe here. 

Do you need guidance on the Consumer Duty? You can get regular updates from our dedicated hub. Visit our Consumer Duty Hub here. 

David Morrey and Ben Farmer discuss the impact of the general election on the financial services sector, such as the delays to the Regulatory Initiatives Grid, the Finance Act, the alternative investment fund designation bill, and the FCA's proposals on naming and shaming. Other topics discussed include: 

• The FCA's decision to allow four insurers to resume selling GAP insurance after withdrawing it from the market due to concerns over fair value and commission levels

In this episode we discuss the latest developments and challenges in the motor finance industry.

Irina Velkova is joined by two of her Grant Thornton colleagues; fellow Director, Darren Castle, and Supriya Manchanda, Partner, as well as Adrian Dally, Motor Finance and Strategy Director at the Finance and Leasing Association.

The podcast looks at the FCA’s investigation into the historical discretionary commission arrangements and potential implications for consumers, lenders, dealers, and brokers.

They also discuss the regulator's actions and timelines for reviewing the DCAs and assessing consumer harm and potential redress. Finally, the panel also explain best practices and preparations that firms should be doing now to deal with the complaints.

We discuss the latest developments and challenges in the motor finance industry. Irina Velkova, Director at Grant Thornton, is joined by Supriya Manchanda, Partner at Grant Thornton, Darren Castle, Director at Grant Thornton and Adrian Dally Director is Motor Finance and Strategy at Finance and Leasing Association. The podcast covers:  

• FCA’s investigation into the historical discretionary commission arrangements and potential implications for consumers, lenders, dealers and brokers

The controversy over the FCA’s proposal to name and shame firms under investigation and the political and industry opposition to it, PRA Business Plan and its focus on international policy, growth and AI regulation and the FCA’s finalised guidance on anti-greenwashing are just some of the key topics discussed by David Morrey and Ben Farmer in this episode. Other developments discussed include; FCA’s consultations on extending the sustainability disclosure regime to portfolio managers and FCA’s enforcement action against Link Financial Services for its failures in overseeing the Woodford funds.