Financial Services Risk and Regulation Unravelled Podcast

Episode 89 | Regulatory update: Motor finance redress in limbo 28.05.2026 24мин

In this month’s episode, David Morrey and Ben Farmer unpack the latest twist in the motor finance remediation programme, with multiple legal challenges now putting key customer communication timelines on ice and pushing firms towards contingency planning. They talk through what the Financial Conduct Authority is signalling firms should do now, from identifying impacted complaints and agreements to pulling together the data needed on commission and disclosure practices, including where broker engagement is required. They also explore the regulator’s “plan for no scheme” scenario, and what it could mean if complaint pauses are not extended and firms must revert to business-as-usual complaint handling timescales. Beyond motor finance, the episode covers the latest Regulatory Initiatives Grid, including the direction of travel on simplification, plus a watch list of consultations and policy updates. That includes phase one changes to SMCR, the direction of Consumer Credit Act reform as requirements shift into the FCA handbook, and the FCA’s consultation on slimming down consumer credit financial promotion rules, alongside wider questions on whether representative APR still supports consumer understanding. There is also a look at the ICO’s developing guidance on sharing personal information for fraud and scam prevention, an FCA review into bereavement handling by investment firms, and an early read on the strategy towards tokenised assets.

Episode 88 | Regulatory update: Motor finance redress, incident reporting, and simplified advice 22.04.2026 35мин

This month David Morrey and Ben Farmer unpack the Financial Conduct Authority's (FCA) final motor finance redress scheme rules — including the decision to run two schemes and what that signals about potential legal challenge and delivery timelines. They also cover the regulators’ operational incident and third‑party reporting final rules (and what firms should be doing now, ahead of the March 2027 start date), plus the FCA’s consultation on simplified advice and what “limited scope” could mean in practice. Finally, they round off with a rapid scan of AI in regulation — from the FCA’s own use of AI to triage and review information, to the Prudential Regulation Authority's (PRA) expectations on governance, and the Financial Ombudsman’s early observations on AI‑generated complaints — before closing on the PRA’s fine against Direct Line and what the “early account” approach tells us about regulatory engagement.

Episode 87 | Regulatory update: Regulatory priorities re-written 18.03.2026 25мин

David Morrey and Ben Farmer unpack the FCA’s new sector priority reports and what they really signal for financial services firms in 2026. From insurance and consumer investments to payments, appointed representatives and motor finance redress, we explore how the regulator is shifting away from fragmented Dear CEO letters towards a more consolidated, outcomes‑focused approach — and what that means in practice for boards and senior leaders. They also examine where regulatory expectations are tightening, where simplification and growth are being actively encouraged, and how themes such as Consumer Duty, AI adoption, financial crime, disclosures and market resilience are converging across sectors. The discussion also covers upcoming consultations, enforcement trends — including the crackdown on unauthorised financial promotions — and why firms may need to rethink how they respond to regulatory change, rather than defaulting to business‑as‑usual compliance.

Regulatory update: FCA AI live testing, the stablecoin regime, and the mortgage roadmap 18.02.2026 33мин

This month, David Morrey and Ben Farmer unpack another busy period in financial services regulation. They explore the FCA’s accelerating use of AI — from live testing to automated case queries — and what this rapid adoption means for firms navigating both innovation and risk. The conversation also covers the regulators’ new scale‑up unit, the latest findings from the pure protection and premium finance market studies, and what these signals say about Consumer Duty in practice. We then turn to crypto and stablecoins, examining the FCA and PRA’s latest consultations, the proposed perimeter for custodians and distributors, and the Consumer Duty expectations shaping this fast‑moving market. Finally, they down the FCA’s long‑term mortgage rules roadmap, the newly finalised non-financial misconduct guidance, and the early use of in‑flight enforcement naming powers.

Episode 85 | Regulatory update: Where are we at the end of 2025? 12.12.2025 21мин

In this end-of-year episode, David Morrey and Ben Farmer take stock of the evolving regulatory landscape in financial services, exploring the impact of the UK’s “growthy regulator” agenda over the past twelve months. Key themes include: Growth vs Deregulation: The hosts discuss whether regulatory changes have truly promoted growth or simply resulted in procedural tweaks. While some requirements have been simplified, fundamental deregulation remains limited, often requiring statutory changes Regulatory Output and Compliance: There’s been a shift from new rules to more thematic reviews and “good and poor practice” articles, which now carry significant weight for compliance teams. Firms are increasingly expected to monitor these outputs and assess their impact Supervisory Activity: Although the number of formal Skilled Person reviews has declined, supervisory visits, data requests, and regulatory interactions remain robust. Consumer Duty and Redress: The podcast highlights the ongoing importance of Consumer Duty as a tool for achieving regulatory objectives without introducing new rules. Major consumer redress issues, such as motor finance, continue to dominate headlines, while firm-specific redress remains active Encouraging Productive Investment: A notable trend is the regulatory push to encourage individuals to move savings into productive investments, with new consultations on targeted support aiming to make this process easier for both firms and consumers Looking Ahead: The hosts preview what might be expected in 2026, promising continued updates and recommending the Grant Thornton regulatory handbook for those seeking further guidance Financial Services UK | Regulatory Handbook 2025 An essential guide to the regulatory landscape for financial services Download now

Episode 84 | Regulatory update: Safeguarding, consolidation and FCA’s expanding remit 10.12.2025 25мин

Join hosts David Morrey and Ben Farmer as they break down the latest regulatory developments and what they mean for firms and professionals navigating compliance, risk and operational change. Explore new safeguarding rules for payment and e-money firms, the impact of wealth management consolidation, and the FCA’s growing role in ESG and anti-money laundering oversight. In this episode: FCA’s new safeguarding regime The introduction of CASS 15 and what the new client money and asset rules mean for payment services and e-money institutions, including timelines and compliance challenges. Wealth management sector consolidation Key findings from the FCA’s Thematic Review, with a focus on conduct, financial resilience, and the impact of leveraged buyouts on regulated businesses. Contracts for Difference (CFD) sector scrutiny Regulatory warnings about client categorisation, 'finfluencers', and the treatment of vulnerable customers, plus a look at recent thematic reviews on price and value outcomes. Expanding FCA responsibilities The regulator’s new powers over ESG ratings providers and proposed changes to the UK’s anti-money laundering supervision framework – and what this means for professional services. PRA policy updates The increase in the depositor protection limit, reforms to remuneration rules for banks and investment firms, and the implications for risk and reward in the sector. Motor finance redress consultation An update on the ongoing consultation, industry feedback, and what to expect as the FCA prepares to publish final rules. Financial Services UK | Regulatory Handbook 2025 An essential guide to the regulatory landscape for financial services Download now

Episode 83 | Regulatory update: Motor finance redress 07.11.2025 27мин

In this episode, David Morrey and Ben Farmer dive into latest developments on motor finance compensation claims, including the Financial Conduct Authority’s (FCA): new awareness campaign regulatory actions against misleading advertising by claims management companies (CMCs) details of the proposed redress scheme for motor finance agreements dating back to 2007. Listen to unpack the scheme’s opt-in process, eligibility criteria, potential legal challenges, and the broader implications for firms and consumers. David and Ben also touch on the FCA's consultation on fund tokenisation, the move to T+1 settlement for investment instruments, and recent survey findings on industry satisfaction. The episode wraps with updates on regulatory reporting changes and a look ahead to what’s next in the world of financial services regulation. Discover more on the FCA consultation and industry implications following motor finance redress scheme, Motor Finance Redress Scheme: FCA Consultation and Industry Implications | Grant Thornton

Episode 82 | In conversation with the Lord Mayor 20.10.2025 33мин

In this episode, Alex Ellerton, Head of Financial Services, and Sarah Bell, Partner, are joined by The Rt Hon. Lord Mayor of London, Alastair King, for a wide-ranging discussion on how financial services can drive the UK's economic growth. They unpack the opportunities and challenges facing the sector—from regulatory shifts to innovation and investment. The conversation covers: economic outlook Leeds Reforms 'regulate for growth' healthy tensions and collaboration the Autumn Budget international investment innovation in financial services. Listen for analysis of everything that's happening across the industry. For more insight and guidance, get in touch with Alex Ellerton or Sarah Bell.

Episode 81 | Regulatory update: Regulation, redress and growth 07.10.2025 27мин

In this episode, David Morrey and Ben Farmer unpack the latest regulatory developments in UK financial services. They discuss the FCA's campaign on motor finance compensation, the recent insurance sector redress payments, and a major consumer rights super-complaint. The conversation also explores new consultations from the regulator, including cryptoassets and payments, and its push for growth and productivity.

Episode 80 | Clarity, Confidence, and the Future of UK Payments 29.09.2025 41мин

Innovation is shaping the future of the payments industry, and the Financial Conduct Authority (FCA) is keen to ensure it heads in the right direction. In this episode, host Paul Staples is joined by Paul Olukoya, Managing Director, Alison Kopra, Director, and guest Robert Courtneidge, Policy Advisor at The Payments Association. They discuss the latest trends in digital money, the regulatory challenges of stablecoins, the effectiveness of authorised push payment (APP) fraud reimbursement, and safeguarding customer funds.

Episode 79 | Regulatory update: Motor finance, crypto ETNs, and enforcement actions 04.09.2025 34мин

In this episode, David Morrey and Ben Farmer unpack the Supreme Court judgement on motor finance commissions and its far-reaching implications for lenders, dealers and consumers, alongside the FCA’s proposed redress scheme. They discuss recent FCA rule changes – from buy now pay later regulation to the reversal of the ban on crypto exchange-traded notes (ETNs) – and reflect on thematic reviews covering digital journeys, premium finance, and insurance claims. The conversation also brings up enforcement actions against major firms, offering insights into regulatory accountability and the skilled person panel. Plus, a look at trends in FCA Handbook usage reveals where firms are focusing their compliance efforts.

Episode 78 | Regulatory update: Expanding accountability and evolving boundaries 04.08.2025 26мин

In this episode David Morrey and Ben Farmer discuss the Financial Conduct Authority's (FCA) new rules on tackling non-financial misconduct. The rules, which previously only applied to banks, will be extended to 37,000 non-bank financial service firms from September 2026. The conversation covers: CP24/27: advice guidance boundary review from the FCA – the implications and long-term risks of targeted support for firms and the role of the Financial Ombudsman Service (FOS) DP25/2: the FCA's mortgage rule review and rebalancing risk appetite in the market CP25/19: ancillary activities test and chapter 6 systematic internalises from the FCA, which aim to dilute MiFID II rules the FCA's payments Consumer Duty multi-firm review, highlighting criticisms similar to those faced by insurance and investment firms the FOS's annual complaints data and insights 2024/2025 the FCA's whistleblowing data buy now pay later regulation – how the FCA is cracking down on non-financial misconduct.

Episode 77 | Leeds Reforms – Regulating for growth in financial services 22.07.2025 26мин

The Government launched its Financial Services Growth and Competitiveness Strategy, the sector-specific paper to support the broader Industrial Strategy and drive economic development across the UK. Aligning with the Chancellor’s annual Mansion House speech, the Government also launched the Leeds Reforms to simplify the regulatory landscape and catapult the strategy into action. In this episode David Morrey and Ben Farmer highlight the key takeaways for financial service firms and outline how the Government will be supporting the sector.

Episode 76 | Regulatory Update: Complaints, credit and conduct 18.06.2025 25мин

Tune in for the latest regulatory developments shaping the UK financial services landscape and what these mean for you. In this episode, David Morrey and Ben Farmer examine the FCA’s proposals to simplify complaints reporting, including the removal of group-level submissions and the introduction of standardised six-monthly intervals. They also talk about the FCA’s review of the Register, updates to value assessments for authorised fund managers, and the final rules for trading unlisted securities under the new Private Intermittent Securities and Capital Exchange System (PISCES) regime. You'll also hear about: the Government's plans to regulate Buy Now, Pay Later products phase one of the Consumer Credit Act reform FCA considerations for a motor finance redress scheme updates to the FCA’s enforcement guide PRA’s consultation on Pillar 2A for banks the Financial Ombudsman’s proposal to revise the 8% statutory interest rate global enforcement trends targeting financial influencers.

Episode 75 | Regulatory Update: FCA begins rule simplification in insurance and mortgage markets 22.05.2025 24мин

The Financial Conduct Authority (FCA) plans to strip outdated or duplicated requirements from its insurance rule book. In this episode of the podcast David Morrey, Partner, Head of Investment Management, and Ben Farmer, Senior Manager, review what this means for firms. The conversation also covers: mortgage rule simplification pooled funds and consumer credit regulatory returns FCA's thematic review on small asset managers and alternative managers FCA's engagement paper on AI live testing regulation of crypto assets.

Episode 74 | Regulatory Update : 5 year Financial Conduct Authority Strategy 16.04.2025 23мин

The Financial Conduct Authority (FCA) has published its 5-Year Strategy (2025 – 2030). In this episode David Morrey, Partner, Head of Investment Management, and Ben Farmer, Senior Manager, review its core focus areas: Reducing and preventing serious harm Setting and testing higher standards Promoting competition and positive change In addition to the strategy, they also discuss the FCA's other priorities, and explain what they mean for businesses in the future. Read our insight to uncover that the FCA's business strategy for 2025 - 20230 means for firms - A new strategy for 2025 - 2030 Note: The FCA’s Regulatory Initiatives Grid 2025 was released after the recording of this podcast.

Episode 73: Regulatory update - from deregulation trends to consumer protection 31.03.2025 27мин

Join David Morrey and Ben Farmer as they explore the latest regulatory developments and their impact on the financial services industry. In this episode, they discuss: Regulatory Changes & Updates: The FCA’s decision not to proceed with certain proposals, including diversity and inclusion rules, enforcement disclosure changes, and the sustainability disclosure regime for delegated portfolio managers. Consumer Support & Vulnerability: Insights into good and poor practices in consumer support and vulnerability. Ongoing Advice & Remediation: A deep dive into the FCA’s guidance on ongoing advice. Motor Finance Redress: Updates on the potential industry-wide redress scheme for motor finance, pending the Supreme Court decision. Consultation Papers & Policy Statements: A look at recent FCA consultation papers and policy statements. Listen now for expert insights and practical takeaways on these key regulatory developments.

Episode 72: Financial Services challenges and trends 13.03.2025 1ч

The financial services industry will continue to evolve throughout 2025. It’s important to look beyond individual compliance requirements and consider the broader themes driving these policy shifts — from government initiatives and socio-political factors to reactive responses to emerging consumer issues. In this episode, Head of Financial Services, Alex Ellerton, is joined by Paul Garbutt (Partner, Head of Banking and Capital Markets), Rob Benson (Partner, Head of Insurance), and David Morrey (Partner, Head of Investment Management) to explore the key trends and challenges impacting financial services and its various sectors. The conversation covers: Regulatory environment Technology and innovation Macroeconomics and market trends M&A and consolidation And more

Episode 71: Regulatory update - green shoots of growth 27.02.2025 25мин

David Morrey and Ben Farmer discuss the responses from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on adapting to the Treasury's prioritisation of growth. They also discuss the FCA's thematic review of wholesale brokers' anti-money laundering initiatives and the implications of its controversial email retention policy, as well as the ongoing Supreme Court case involving finance providers, the FCA and Markos Markou, and more.

Episode 70: Regulatory update - What should we expect in 2025? 24.01.2025 20мин

David Morrey and Ben Farmer discuss the regulatory issues that they expect will have a significant impact on the financial services sector in 2025, including motor finance remediation and the future of the FCA Handbook. They also ask what the growth agenda (and the Chancellor’s Christmas challenge to each regulator) will mean in practice.