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Regulatory change, pressure on cost management and growth, and increased investment in technology and data are dominating the financial services industry.
In the latest episode David Morrey and Ben Farmer discuss a bumper list of current regulatory issues as previewed in Rachel Reeves's Mansion House speech, aimed at unlocking innovation and growth:
Contents
Modernising the Financial Ombudsman Service
The Government's desire to modernise the Financial Ombudsman Service framework, including the previously issued call for inputs.
Certification regime consultation
An upcoming consultation on replacing the certification regime with a more proportionate system to reduce costs.
National payments
The Government's plan to publish a national payments vision and launch a pilot to deliver a digital gilt instrument using distributed-ledger technology.
ESG and green finance
The ongoing focus on ESG and green finance, with several upcoming consultations on various related items.
Financial services growth and competitiveness strategy
The Government's plans to publish a financial services growth and competitiveness strategy in spring 2025, alongside a call for evidence to gather industry input on the direction it should take.
FCA consultation on financial decision making
An upcoming FCA consultation aimed at helping households make better-informed financial decisions as part of the advice guidance boundary review.
Captive-insurance companies framework
The Government's consultation on a new framework for UK-based captive-insurance companies to make the country a more attractive hub for them.
Pension system reforms
The Chancellor's plans to reform the pension system to allow for greater investment.
Modernising the redress system
A call for input on modernising the redress system, focusing on improving the process for handling mass redress-events and addressing perceived misalignments between the FCA and the Financial Ombudsman Service.
Other recent developments discussed include:
FCA market study on premium finance
New FCA market study on premium finance in home and motor insurance. The study aims to understand the reasons behind rising premiums and assess whether premium finance arrangements represent fair value for customers.
Court of Appeal decision on motor finance
The recent Court of Appeal decision related to motor finance claims, which could potentially open the door for challenges to finance-related contracts with undisclosed commissions.
In our latest episode, David Morrey and Ben Farmer, discuss the latest updates on motor finance saga where the Supreme Court has expedited an appeal involving Close Brothers, and the FCA's involvement in urging a swift resolution. The FCA's consumer duty feedback, covering various updates and analyses, including the FCA's priorities for 2025, the review of consumer duty annual reports, and insights into complaints and root cause analysis.
