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Regulatory Roadmap II
Overview
The Regulatory Roadmap II series has now finished - however all sessions are now available to watch on demand.
The series of 17 one-hour technical briefings kicked off on Monday 15 March with a special recorded opening address from the Rt Hon Rishi Sunak MP, the Chancellor of the Exchequer - you can watch on demand here.
The events and policy teams at UK Finance, in association with BDO, EY, Grant Thornton, PA Consulting, TLT, and Whistlebrook, curated an exciting series of briefings with over 60 speakers designed to help firms meet the regulatory challenge head on. We received over 11,000 registrations to attend the briefings making it one of our most popular events ever.
The full list of sessions now available on demand is as follows:
We begin the series with this opening keynote discussion, in association with Whistlebrook, featuring, Sheldon Mills, the FCA's Executive Director, Consumers and Competition, Bim Afolami MP, Shearman and Sterling's Barney Reynolds and Baroness Bowles of Berkhamsted. Chaired by Matthew Conway, UK Finance’s Policy & Strategy Director, this expert panel will discuss the Regulatory Framework Review and its implications across the financial services landscape – highly recommended as a scene-setter for participants across the series.
In a special recorded opening address from the Rt Hon Rishi Sunak MP, the Chancellor of the Exchequer will highlight key themes and messages from this month's Budget statement, focusing on the importance of a UK financial services sector underpinned by the highest quality regulation. He will also address questions put by UK Finance regarding regulatory coordination and the UK FS sector's standing internationally. This session is highly recommended on-demand viewing, alongside other sessions in the Regulatory Roadmap II series.
Covid-19 has taught us that the world can change in a matter of weeks, but also that we can survive that change and that adaptive organisations can even thrive during the most difficult of times by embracing digital transformation, underpinned by good cyber security. Trust is increasingly a business differentiator, with customers demanding security by default. Taking cyber security beyond a technical specialism and putting it at the forefront of strategy at every level of an organisation has the potential to greatly improve business performance and people’s experiences, setting leaders in safe digital systems ahead of the competition. Making such a radical shift requires a cyber transformation. This briefing builds on our recent report on the same topic - setting out how FS firms can transform their cyber security resilience. Chaired by UK Finance's Oge Udensi, with Cate Pye and Elliot Rose from PA Consulting as well as Nicola O’Connor, Chief Information Security and IT Risk Officer at AIB.
UK Finance’s Simon Hills will lead a discussion into MREL requirements which banks and building societies must maintain in order to support effective resolutions, and particularly to consider the Bank of England’s recent paper reviewing the design of the Minimum Required Eligible Liabilities (MREL) regulations. Featuring Harps Sidhu, senior FS advisor at Grant Thornton, Jonathan Lagan, General Counsel at Aldermore Bank, Allen & Overy's Kate Sumpter and Tony Ellingham, CFO at Starling Bank.
This session is the first of four sustainability briefings running over Spring 2021 in partnership with EY. This live briefing will focus on the current regulatory landscape and compliance with the PRA ‘Dear CEO’ letter. The session will additionally cover investor and regulatory expectations around Board governance, the future of corporate reporting, including key ESG-related frameworks (e.g., TCFD, WEF-IBC, SASB), as well as key questions on the agenda for Boards. With Khadija Ali, Shaun Carazzo and Mark Watson from EY, with practitioner perspectives provided by Daniel Klier, Global Head of Sustainable Finance, HSBC, and Jonathan Ayres, Chief Financial Officer, United Trust Bank.
In response to demand following the IFRS 9 session in the first Regulatory Roadmap series, UK Finance’s Nala Worsfold, Principal, Financial Risk Policy will once again be joined by an expert panel, including Richard Lawrence, Head of Accounting & Valuation Policy, NatWest, Simon Greaves, Partner, BDO, and Mark Spencer, Financial Services Accounting Advisory Leader, BDO to look at IFRS 9 in the context of the ongoing crisis and the effect on firms’ credit risk profile and models.
2021 is a crucial year for the LIBOR transition project, with the end of Q1 marking a significant milestone in the national working group’s roadmap for ending GBP LIBOR issuance. In this session, Anne-Laure Condat, Manager, Benchmarks Policy Team at the FCA, Robin Penfold, Partner at TLT, and UK Finance's Director, LIBOR Transition Daniel Cichocki, will provide the latest update on the ongoing transition, set against the context of the ongoing pandemic, and the latest guidance issued by regulatory authorities and the national working group as we enter the final year of GBP LIBOR’s life..
The pandemic and resulting economic uncertainty has brought numerous economic mechanisms to the fore that a year ago would have seemed unthinkable, among them the use of Negative Interest Rates. This session, run in association with Grant Thornton and TLT, will discuss what the potential impact could be for the financial services sector, and what tactical solutions firms could deploy to be able to meet the PRA’s requirements that they should be prepared to handle negative rates by early August.
With the rapid changes in the technology landscape, the understanding of risk and resilience plays a key role in business resilience and on a larger scale, the strengthening of the Financial Sector. More recently, with the new normal of home working, organisations have taken on additional cyber and third party resilience demands with significance on outsourcing and third party relationships. In this session, in collaboration with Grant Thornton and TLT, UK Finance will delve into the PRA’s latest consultation paper on Outsourcing and Third Party risk management, taking into account the increased adoption of cloud and various regulatory guidelines on business relationships with cloud service providers.
With so many changes to the prudential regulation landscape, UK Finance’s Director of Prudential Policy, Simon Hills, will be joined by an expert panel featuring Simon Hall, Head of the Banking Policy Division at the Bank of England and Oivind Andresen, Director, Risk Advisory at BDO for a ‘deep-dive’ into the latest updates in relation to the second Capital Requirements Regulation, and the minimum requirements that will apply to banks and building societies from the end of this year.
The UK holds a long-established position at the centre of global financial markets. Stepping away from the EU presents an opportunity to carve out an enhanced regulatory agenda which is both forward-looking and internationally competitive. In this session, UK Finance’s Conor Lawlor will be joined by a panel of industry experts including Innovate Finance CEO Charlotte Crosswell, Ben Plant from Barclays UK and Lord Hill of Oareford to discuss how the government is looking to reshape the capital markets rulebook. The panel will examine the regulatory initiatives already underway such as the review of the UK’s listings rules and consider further aspects of regulatory reform that could support the continued evolution of domestic financial markets.
The three lines of defence is a risk governance framework that splits responsibility for operational risk management across three functions, with individuals in the first line owning and managing risk directly, and their colleagues in compliance and internal audit reassuring senior management that all required policies and procedures are being adhered to. In this session, UK Finance’s Director of Prudential Policy, Simon Hills will discuss the latest updates in how firms assess 3LoD with experts Sandy Kumar and Mark Carawan from Grant Thornton.
Operationalising regulatory compliance through the latest technology solutions has not lost momentum as a result of the pandemic, with the new emphasis on digital technology in the sector arguably accelerating it. This session with Sally Sfeir-Tait from RegulAItion, as well as regulatory experts Alex Ellerton and Niresh Rajah from Grant Thornton, will aim to provide UK Finance members with the latest updates on regulatory considerations in relation to ‘RegTech’, as well as an overview of new solution trends being developed in the sector.
The payments industry has seen sweeping changes occur in the past year, with the pandemic fundamentally changing the way consumers conduct their transactions. In this session, UK Finance Payments Director Becky Clements is joined by an expert panel including Noline Matemera and David Gardner from TLT and PwC's Adam Stage to discuss the latest changes, including the regulatory aspects of the recent Future Ready Payments 2030 report.
In a discussion moderated by Yvonne Deane, UK Finance’s Principal for Capital Markets & Wholesale, an outstanding panel of experts will discuss the implications of three major recent consultations launched by the FCA, the PRA and HM Government respectively on supervising international firms, subsidiaries and branches and on the UK’s overseas framework. HM Treasury's Isobel McIntosh and John Fowler will offer a government overview, while Allen & Overy’s financial services and regulatory Partner Bob Penn will extrapolate key impacts and regulatory requirements that UK Finance members should be aware of and Alison Johnston, EMEA Legal Lead, BNP Paribas and Christos Nifadopoulos, Senior Counsel at Goldman Sachs will discuss the themes, challenges and opportunities emerging and the road ahead for international firms operating in or providing services into the UK.
Since the financial crisis, the regulatory rulebooks have grown which has seen a rise in the complexity and cost of regulatory reporting. According to the Bank of England’s Future of Finance Report, regulatory reporting costs the UK industry £2.0 - £4.5bn per year, and the full compliance challenge is much greater. In this session, Simon Hills from UK Finance will be joined by Angus Moir, Senior Manager, Data collection transformation at the Bank of England, Alex McGill from PA Consulting and Murat Abur, CTO at Suade, to discuss the Digital Regulatory Reporting (DRR) initiative, which is expected to reduce the burden on regulated firms through the use of RegTech.
The digital era is seeing unprecedented change occur in all sectors, and none more so than in banking and financial services. Customers are making great use of open banking services and this year the FCA will respond to its call for input on Open Finance initiatives. There is wide ranging and agreed ambition to create a more competitive financial landscape. In this session, join Ian Searle, the FCA's Open Banking Lead, Helene Oger-Zaher, payments technical specialist at the FCA, BDO Advisory Partner Luke Patterson and UK Finance's Phillip Mind, as they analyse the important regulatory considerations for financial services companies as these initiatives go from concept to a ‘new normal’.
"Fintech is not a niche within financial services. Nor is it a sub-sector. It is a permanent, technological revolution, that is changing the way we do finance.” Set out in the Kalifa Review of UK Fintech (launched in February) is a strategy and a delivery model to provide leadership in fintech. In this closing session of the Regulatory Roadmap series, UK Finance Chair, Bob Wigley interviews Ron Kalifa OBE about the report’s findings and next steps for the sector.
Event details
Venue
-
Online - on demand
Date and time
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15 March 2021 Watch on demand
Full and associate member rate
FREE
Non-member rate
FREE
BDO’s global organisation extends across 167 countries and territories, with 90,000 people working towards one goal: to provide our clients with exceptional service. In the UK, our Financial Services group consists of over 450 specialists and is part of a global Financial Services practice with operations in all major financial centres. Our range of clients varies from large international financial institutions to AIM listed companies, new entrants and innovative challenger brands.
We provide full audit, tax and specialist risk and regulation advisory services across Asset Management, Banking, Capital Markets, Insurance, andTechnology.
The fee income of all BDO firms, including the members of their exclusive alliances, was US$10.3 billion as of 30 September 2020. Our firms across the organisation cooperate closely and comply with consistent operating principles and quality standards. That means local resources who understand your business, your local and international markets and the specifics of your industry: all backed by a truly global organisation.
EY is a leader in shaping the financial services industry
Over 30,000 of our people are dedicated to financial services, serving the banking and capital markets, insurance, and wealth and asset management sectors. At EY Financial Services, we share a single focus — to build a better financial services industry, not just for now, but for the future.
EY recently set targets to become carbon negative in 2021 and achieve net zero status by 2025, and we’re helping our clients on their sustainable journeys. We believe this is part of building a better working world and will help to create long-term value across industry – for further information click here: Sustainability in Financial Services | EY UK
Grant Thornton’s global footprint spans 135 countries and over 50,000 people meaning we’re able to work with firms to understand not only their UK requirements but assist them with broader global regulatory obligations.
In the UK, our Financial Services Group is a market leading practice with over 430 industry experts spanning advisory, assurance and tax services. We partner with firms across the banking, insurance, capital markets and investment management sectors to help achieve strategic goals, meet regulatory demands, and ensure that people and customers reach their potential.
Our financial services practice in the UK covers a range of specialisms including audit, tax, regulatory and compliance, financial crime, business consulting and business risk services and corporate finance.
Drawing on a global multi-disciplinary team of experts, we are pro-active and pragmatic, and deliver differentiated and innovative solutions to a portfolio of dynamic clients to build long-term value for financial services.
At PA, we believe in the power of ingenuity to build a positive human future in a technology-driven world.
As strategies, technologies and innovation collide, we create opportunity from complexity.
Our diverse teams of experts combine innovative thinking and breakthrough use of technologies to progress further, faster. Our clients adapt and transform, and together we achieve enduring results.
An innovation and transformation consultancy, we are over 3,200 specialists in consumer, defence and security, energy and utilities, financial services, government, health and life sciences, manufacturing, and transport.
Our people are strategists, innovators, designers, consultants, digital experts, scientists, engineers and technologists. We operate globally from offices across the UK, US, Europe, and the Nordics.
TLT is a leading national law firm and provider of specialist advice to the financial services sector for over 20 years. We act for banks, building societies, FinTech companies, peer to peer lenders, alternative lenders and asset finance companies. We support our clients across a wide range of areas including compliance, business support, litigation, recoveries and lending; working in partnership to identify emerging opportunities and risks. Our team is comprised of leaders in their fields operating from offices in Northern Ireland, Scotland and England & Wales. In 2018 and 2019 we won 'Best Law Firm' (Mortgage Finance Gazette).
Whistlebrook has specialised in providing innovative, back office, software systems to the financial services sector for more than twenty years. Over that period Whistlebrook has become a long-established and trusted supplier to the sector, with over sixty UK based financial institutions using our software. The Whistlebrook portfolio of twelve software applications can each be installed on their own, or as an integrated suite of two or more applications that can deliver extra benefits by sharing information.
Customers range from investment management firms, through banks of varying sizes, to two of the three largest building societies.
Whistlebrook’s software can provide solutions for operational problems, insightful performance enhancement and financial analysis, leading to improved efficiency and profitability.
Whistlebrook develops all of its own software, in the UK, in partnership with our customers. All our applications are specifically built for the financial services sector with tailored functionality, enabling our customers to run their business more efficiently.
Ian Burgess
Director, Digital Technology and Cyber
Ian leads UK Finance’s operational and policy work on cybersecurity and third party risk management. In this role he engages with key industry stakeholders to develop and operationalise collective action initiatives on behalf of the financial sector, as well as responding to UK, European and Global policy consultations on behalf of UK Finance members.
Before joining UK Finance Ian worked within the Technology Risk leadership team at BNY Mellon and prior to that served for eight years as a British Army Officer.
Paul Chisnall
Director, Sustainability
Paul has responsibility for strategic reporting, company law and corporate governance at UK Finance. He is currently engaged on initiatives on sustainability, including climate change, ethics and international competitiveness. He also leads on post-Brexit immigration policy. In recent years he has worked on a variety of financial stability and conduct-related measures, including the ring-fencing of the UK’s largest banks.
Daniel Cichocki
Director, LIBOR Transition, Commercial Finance
Daniel leads UK Finance’s LIBOR transition team supporting firms across our membership on the transition away from LIBOR. He also leads on a range of corporate and commercial finance engagement on behalf of UK Finance members. His focus is on improving customer relationships, access to finance and enhancing competition. His role covers stakeholder engagement, including with business groups and regulatory change.
Daniel started his career in Deloitte’s Banking and Capital Markets group, where he qualified as a chartered accountant and served a range of financial services clients in assurance and advisory engagements.
Becky Clements
Director, Payments, UK Finance
Becky is currently Director of Payments for UK Finance leading a strong team with deep domain knowledge delivering thought leadership on policy working closely with the regulators in the UK and Europe for the good of the membership. She is also a member of SWIFT UK Board as an observer and represents the UK on the European Payments Council Board.
Becky has close involvement with the UK Payment System Regulator (PSR) and has sat on the Advisory Panel and the Payment Strategy Forum and chaired the Working Group for Implementation Planning for the New Payments Architecture which was part of the Payment Strategy Forum set up by the PSR. She was also chosen to be part of the Delivery group commissioned by the Bank of England and the PSR for the consolidation of the three Retail Payment schemes representing small and mid-sized financial organisations. Becky was a member of the Bank of England Advisory Board for the replacement of RTGS and has held non-executive Directorship positions for Pay.UK, Faster Payments Scheme, Payments UK and the setup of UK Finance.
At Metro Bank she was Head of Industry Engagement, responsible for payments and card change activity, as well as leading industry and third party engagement. Becky has extensive experience of working with the payments industry and delivering long-term, sustainable value to both customers and business.
Matthew Conway
Director of Government & Regulatory Affairs, UK Finance
Matthew is responsible for developing and delivering the political and regulatory engagement strategy for UK Finance, the collective voice for the banking and finance industry. He was previously Head of Group Regulatory Policy at Lloyds Banking Group and, before that, a regulator at the Financial Conduct Authority and Ofcom, having started his career as a civil servant in a range of UK government departments.
Simon Hills
Director, Prudential Policy, UK Finance
Simon leads the Prudential Capital and Risk team at UK Finance, which focuses on influencing the implementation reforms to capital and liquidity requirements in the UK. He leads UK Finance’s work on the senior managers’ and certification regime (SMCR), which seeks to improve bank-wide governance and culture, and has extensive knowledge of prudential regulatory architecture.
He is also interested in operational resilience and different types of bank capital and funding instruments such as bail-inable and covered bonds and securitisation structures. His banking background is in fixed income sales, trading and origination as well as energy and aerospace project finance. He is liveryman of the Worshipful Company of International Bankers and is a former member of the European Banking Authority’s Banking Stakeholder Group.
Conor Lawlor
Director, Capital Markets and Wholesale, UK Finance
Conor leads the Capital Markets and Wholesale team as well as the delivery of Brexit related work-streams for UK Finance and its members.
Prior to joining UK Finance Conor worked in a range of UK government departments including HM Treasury where he worked on financial crisis intervention schemes and was a member of the Government Economic Service. Most recently, Conor spent a number of years at UK Financial Investments, the arm’s-length government body responsible for managing the UK government’s shareholdings and loans in financial assets, where he was responsible for work on Northern Rock and Bradford & Bingley.
Jonathan Middleton
Principal, Digital and Technology Policy, UK Finance
Jonathan joined UK Finance in 2018 and oversees work on a range of topics including innovation, fintech, disruption, regtech and AI.
Prior to joining UK Finance, Jonathan was Head of Technology Policy at the Government Digital Service in the UK Cabinet Office. He was primarily responsible for managing cross-government policy and technology standards for how departments bought, built and managed their technology estate. He also led work on emerging and disruptive technologies including distributed ledger, AR/VR, internet of things, and AI/machine learning.
Jonathan is a graduate of Oxford University and the University of London. He is also a Fellow of the Royal Asiatic Society.
Philip Mind
Principal, Payment Policy, UK Finance
Phillip is currently employed as Principal Adviser to UK Finance, the trade body for the financial services industry, with a portfolio including payments policy and open banking.
Before that, Phillip worked at the Local Government Association leading on local government finance and public service reform. And at HM Treasury in a variety of policy roles, including leading policy reviews (the Independent Commission on Local Government Finance and Russell Commission on Youth Volunteering) and as the Budget Project Manager.
On secondment from the Treasury, he was CEO of the Giving Campaign, a national partnership between government and the voluntary sector to encourage charitable giving.
Phillip has a degree in Economics from the London School of Economics and a Master’s degree from Loughborough University.
David Song
Principal, EU Personal Finance Policy UK Finance
David is a leading policy professional in financial services, leading UK Finance’s engagement overseas from a strategic perspective. His focus spans across domestic, European and international engagement and policy development in payments, retail banking and FinTech.
David engages externally with a wide network of stakeholders liaising closely with industry, government and regulators on a range of issues and represents the UK on a number of European and international level bodies.
Prior to joining UK Finance, David worked in the research sector on international and global security and governance. David studied at Sciences Po Paris and the University of Westminster.
Nala Worsfold
Principal, Financial & Risk Policy
