On 5th May 2022, the Bank of England (BoE) announced the latest base rate of 1%, increasing from 0.25%, with potential continued small rises to inflation and prices. The latest Regulatory Initiatives Grid (RIG) also references the cost of living crisis: "we will have a pivotal role in supporting consumers, particularly those in vulnerable circumstances. We stand ready…" and warns there could be changes to the RIG as a result.

In our latest regulatory update, David Morrey and Gavin Stewart discuss the latest developments including: the cost of living crisis, the Prudential Regulation Authority Business Plan (PRA) 2022/23, Regulatory Initiatives Grid, and speeches from the regulators covering topics of cryptocurrency – sharing insight on how firms can prepare for the changes ahead. 

Navigating 2022 requires resilience, preparation, and adaptation. Capital markets have encountered the immediate impacts of geopolitical fragility, with markets reflecting the increased risk as well as the pressure on inflation, energy prices, and supply chains. The sector also faces continuing challenges from post-LIBOR era and post-Brexit regulatory requirements, and ESG net-zero targets. In this episode, Irina Velkova is joined by Harps Sidhu, Partner and Head of Capital Markets, to round up how firms can adapt to key trends in capital markets. 

The Financial Conduct Authority (FCA) have published their Business Plan for 2022/23. This year the plan has a strong alignment with the FCA's strategy, focusing on three areas: 'reducing and preventing serious harm; setting and testing higher standards; promoting competition and positive change.'

The Business Plan also proposes detailed metrics to measure progress against their commitments for 2022/23, emphasising their new desired-outcome driven plan.

David Morrey, Partner, Head of Investment Management Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, delve deeper into the FCA's plan and priorities, and discuss what it means for businesses in the rest of the year and beyond.

Geo-political factors, ESG, cyber risk and the struggle for talent are some of the challenges the banking sector will continue to face this year. On top of this, pandemic recovery is still ongoing for many. Banks need to ensure they have the correct processes, governance, and agility to adapt effectively. In our latest podcast episode, our regular host Irina Velkova is joined by Paul Garbutt, Banking Partner at Grant Thornton UK LLP, to explore the key themes for the sector in 2022 and explain how firms can prepare to get ahead of the curve. 

Kickstarting a new series, Irina Velkova is joined by David Morrey, Grant Thornton’s Partner, Head of Investment Management, to discuss the focus areas in the sector this year. Key themes include the Investment Firm Prudential Regime (IFPR), ESG, consolidation of the market and the ongoing pressure on margins and the re-discovery of political risk. Important questions arise around how the sector prepares for these changes, the challenges organisations will most likely face in responding to them, and how recent developments will effect investment management firms in 2022.

The Financial Conduct Authority (FCA) continues to respond to external events: including the impact on regulation of UK sanctions relating to Russia, cost of living increases, global action on cryptocurrencies and a potential strike vote from its own staff. In our latest regulatory update, David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, discuss the latest developments and share insight on how firms should prepare for the upcoming regulatory agenda. 

What are the hot topics for the financial services industry in 2022? COVID-19 has dictated the narrative for the last two years, but as we transition into a post pandemic world this year promises a lot of focus on risk and regulatory matters, much of it driven by regulators. In this episode, Irina Velkova is joined by Sandy Kumar, Head of Financial Services and Business Risk Services, Grant Thornton UK LLP, and Alex Ellerton, Partner, Grant Thornton UK LLP to explore key themes for firms this year: including ESG, cyber, data, consumer duty, inclusion and diversity as well as the impact of current global economic challenges on the Financial Services industry.

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. 

Businesses all over the world are facing another large transformational change: hybrid working. And, change always brings challenge: from organisational and operational resilience, and culture, to security risks and leadership.

On hybrid/remote working, the FCA has set out its own expectations so firms can ensure they're meeting their regulatory responsibilities.

Our host Irina Velkova discusses the impact of these new ways of working with an expert panel: Andre Katz, Group Risk Director for Operational Resilience, Lloyds Banking Group, Susan Andrew, Head of Delegated Underwriting Management, Brit Insurance and Aegean Simpson, Senior Manager of People and Culture, Grant Thornton UK LLP.

Listen for insight on the lessons learned from last two years, and guidance on what the future of work will look like.

On 31 December 2021 the Financial Conduct Authority (FCA) issued a press release reviewing its highlights of the year. Now, it's time to ask, what will the regulator's key priorities be in 2022? 

David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP return in for our monthly podcast to discuss what the FCA will be looking at this year: from crypto to recent enforcement cases.

Listen to this episode for insight on how the regulator will engage with firms in the upcoming months.