Risk & Regulation Rundown

Host Tessa Norman is joined by PwC Partner Menicos Kouvaros and Director Duncan Scott to unpack the next phase of T+1 settlement reform - and why operational resilience should sit at the heart of firms’ readiness strategies.

The discussion explores where firms stand today on the journey to T+1, the biggest bottlenecks across the execution-to-settlement chain, and how resilience techniques such as service mapping, scenario testing and impact tolerance reviews can accelerate transition plans.

Our expert guests also share insights on regulatory expectations, practical actions firms should prioritise, and how embedding resilience thinking early can help maximise the benefits of T+1.

In the final episode of our three-part deep dive mini-series, host Tessa Norman is joined by Alex Bertolotti, PwC UK’s Insurance Leader, and Samantha Jones, Director in PwC UK’s insurance risk and regulation practice, to explore the dynamic forces reshaping the insurance sector.  

Our guests unpack the growing pressures facing insurers – from cost inflation and consolidation trends to regulatory scrutiny and climate risks – and share insights on how firms can respond. The discussion covers the FCA’s evolving regulatory approach, technological transformation across underwriting and claims, and the implications of emerging AI use cases. We also explore how insurers can balance commercial sustainability with fair value, and the role of data and MI in driving better customer outcomes. 

You can contact our PwC speakers if you’d like to discuss any of the topics covered, at [email protected], [email protected], and [email protected]  

You can access the publications mentioned in the podcast below: 

• PwC Insurance Banana Skins: https://www.pwc.co.uk/insurance/assets/pdf/insurance-banana-skins-2025.pdf   

To hear more from us on financial services risk & regulation, you can also access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html.   

In this episode, guest host Laura Talvitie is joined by Elise Soucie Watts, Executive Director at Global Digital Finance, and Amanda Wick, Founder of the Women in Crypto Association and author of The Catalysts, to unpack the evolving regulatory landscape for stablecoins and central bank digital currencies (CBDCs).

Our expert guests explore the drivers behind the recent uptick in stablecoin adoption, how the United States’ GENIUS Act is catalysing digital asset activity, and the emerging policy development in the UK’s regulatory framework. We also examine the impact of global macroeconomic and political trends, the implications of CBDCs, and share views on the future of digital assets in a rapidly evolving financial services environment.

You can contact PwC’s Laura Talvitie if you’d like to discuss any of the topics covered at [email protected]. 

To hear more from us on financial services risk & regulation, you can also access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html.  

In this episode of PwC's Risk & Regulation Rundown podcast series, host Tessa Norman is joined by Mark Batten, PwC UK Banking and Capital Markets (BCM) Leader, and Conor MacManus, Director in PwC UK’s Regulatory Insights team, to explore the emerging trends impacting the banking and capital markets landscape. 

From navigating macroeconomic and geopolitical pressures, to responding to evolving regulatory and consumer expectations, our guests discuss the structural and strategic shifts shaping the future of the BCM sector, and share perspectives on how the sector can boost the UK’s mission of economic growth.

We also unpack the impact of changing competition dynamics, industry consolidation, and rapid technological transformation - including AI adoption and digital banking - and consider how firms can evolve their business and operating models to remain competitive and thrive amid continued transformation across the sector. 

Subscribe to the regular series here: https://www.pwc.co.uk/industries/financial-services/risk-and-regulation-rundown-podcast.html

In the first of a three-part mini series exploring the trends impacting the financial services sub sectors, host Tessa Norman is joined by Albertha Charles, PwC UK and Global Asset and Wealth Management (AWM) Leader, and Andrew Strange, Director in PwC UK’s Regulatory Insights team, to take a deep dive into the drivers of change in the AWM sector. 

Against a backdrop of market volatility, shifting investor expectations, and increasing regulatory complexity, our expert guests explore the forces reshaping the AWM landscape - from the rapid rise of private markets to generational wealth transfer.

We discuss how technology is driving change, enabling both operational efficiencies and new revenue opportunities through innovations such as tokenised funds and tech-as-a-service offerings. Our guests also unpack the UK’s policy drive for growth, examining regulatory initiatives including the FCA’s advice guidance boundary review, consumer composite investment regime, and outcomes-based model of supervision.

We conclude with a look at how firms are rethinking strategy in light of these trends, and what will differentiate those that thrive in this period of transformation. 

You can contact our PwC speakers if you’d like to discuss any of the topics covered, at [email protected], [email protected], and [email protected]. 

You can access the publications mentioned in the podcast below:

• PwC value in motion: https://www.pwc.com/gx/en/issues/value-in-motion.html 
• PwC’s Asset and Wealth Management Revolution: https://bit.ly/44lQVZF 

To hear more from us on financial services risk & regulation, you can also access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html.  

In this episode, host Tessa Norman is joined by Derek Leatherdale, Senior Geopolitical Risk Adviser at Sibylline, and Sean Withington, Senior Manager in PwC’s Geopolitics team, to explore the rising prominence of geopolitical risk for the financial services sector.

Our expert guests unpack the complex and fast-moving nature of today’s geopolitical landscape, highlighting how this risk is increasingly shaping strategic, operational and regulatory priorities for firms. We delve into the evolving regulatory expectations and implications for firms’ operational resilience, cross-border capital flows, and risk and compliance structures.

Our guests also share practical actions firms can take to enhance their geopolitical risk management – from scenario planning and integrated testing to organisational structures – and reflect on how the sector can draw lessons from more mature industries. As firms look to the future, we discuss the steps leaders can take to build resilience and readiness in an era where geopolitics is a core risk consideration.

You can contact our PwC speakers if you’d like to discuss any of the topics covered, at [email protected] and [email protected]. 

To hear more from us on financial services risk & regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

Host Tessa Norman is joined by Andrew Douglas, Chair of the UK Accelerated Settlement Taskforce, and Menicos Kouvaros, PwC Partner, to discuss the topic of T+1 settlement reform and the journey to go-live in October 2027. 

With both UK and EU T+1 transition timings now confirmed, our expert guests reflect on the lessons from the North American experience and how these should inform firms’ preparations for the UK’s move to T+1. Our guests provide their assessment of the current state of readiness across the industry, and share perspectives on the operational, technological and regulatory challenges facing firms - including automation demands, stock lending procedures, and FX constraints. We also share views on UK and EU coordination efforts, reflecting on the complexities of transitioning in both markets.

You can contact our PwC speakers if you’d like to discuss any of the topics covered, at [email protected] and [email protected]  

To hear more from us on financial services risk & regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

In this special bonus episode, host Tessa Norman is joined by PwC Partner Sajedah Karim and Director Conor MacManus to unpack the FCA’s newly released five-year strategy — and what it means for financial services firms.

Our expert guests explore how the FCA aims to open up the debate around rebalancing risk, and drive a greater focus on enabling economic growth and embracing emerging technologies. The conversation dives into the regulator’s shift towards a more outcomes-focused approach, and how the FCA is taking this forward through its feedback statement on reviewing rules in light of the Consumer Duty.

Our guests also share practical insights on what this evolving regulatory environment means for firms — from shaping business models and strategy, to rethinking compliance in a more dynamic, tech-forward landscape.

You can contact our PwC speakers if you’d like to discuss any of the topics covered at [email protected], [email protected] and [email protected] 

To find out more about the FCA’s strategy, you can read our At a glance publication here: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments/fca-sets-out-growth-focused-strategy.html. You can also access our insights risk and regulation on our website: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html

In this episode, host Tessa Norman is joined by Duncan Scott and Rory Spedding-Jones from PwC’s Technology, Data and Resilience practice, to delve into the topic of operational resilience. 

Our expert guests reflect on financial services firms’ ongoing operational resilience journeys, how these are likely to evolve beyond the March 2025 UK implementation deadline, and how regulatory expectations are changing. Our guests also explore the evolving resilience landscape in response to changing threats and market expectations, as well as the transformative potential for AI and other technologies to enhance firms’ resilience capabilities, drive efficiencies and add value in the short and long term.

You can contact our PwC speakers if you’d like to discuss any of the topics covered, at [email protected], [email protected] and [email protected].  

To hear more from us on financial services risk & regulation, you can access all our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html. 

In this episode, host Tessa Norman is joined by Miles Celic, Chief Executive Officer of TheCityUK, and Darren Ketteringham, PwC UK’s Financial Services Industry Leader, to discuss a future vision for the UK financial and related professional services industry.

Our guests reflect on the themes of the Vision 2025 report, which was published jointly by TheCityUK and PwC in 2017, and which set out a roadmap for a highly digitised, innovative and customer-centric industry by 2025. Now, a month into 2025, and with the Government on the cusp of setting out its future strategy for the industry, we discuss progress made since the report’s publication, and the actions needed to ensure the industry is able to capitalise on the transformative changes expected over the next 5-10 years. 

Our guests explore the driving forces of technological transformation and the transition to net zero, and look at progress across themes such as customer centricity, regional development, and talent and skills. We also discuss the collective role of Government, industry and the regulators in enabling the sector to thrive, and to maximise its potential to drive sustainable inclusive economic growth. 

You can access the Vision 2025 report referenced in the podcast here.