Critical Regulatory Changes for Banks and Financial Institutions in the UK
With the abolition of the Financial Services Authority (FSA) in April, the UK Financial System has recently undergone a series of transformative financial reforms. Most significant is the recent structural reform under the Financial Services Act 2012 (the 2012 Act) which created three new regulatory bodies, namely: The Financial Policy Committee (FPC), The Prudential Regulation Authority (PRA) and The Financial Conduct Authority (FCA). All three entities aim to strengthen and improve the UK’s financial services industry through regulation and supervision of authorised firms. As such, companies must have a complete understanding of these critical regulatory changes and their potential impact on their businesses and clients.
In a two-hour LIVE webinar, a panel of distinguished thought leaders will offer an in-depth discussion of this significant topic. In addition to extensive scrutiny of the provisions set forth by the 2012 Act, they will also provide discussion on best practices in developing company policies to avoid regulatory violations
Tim Aron, Partner
Katten Muchin Rosenman UK LLP
Tim Howarth, Partner, Regulatory Risk Consulting,
- PRA and FCA priorities: separate regulators with separate agendas (Tim H would cover the stated priorities of the PRA: capital and liquidity, recovery and restitution and implementing EU and global standards and the FCA: consumer protection, competition, market led intervention (are others going to pick up on the parliamentary commission and new powers?) Tim A to discuss regulator’s objectives and powers from a legal perspective
- What challenges does this present (divergent agendas, multiple interactions, right hand and left hand, ability to influence policy at the EU and national level) Tim A. to discuss how regulatory policies (EU and domestic) become law under the new regime
- How are large organisations responding to this (looking at eh appointment of ex-regulators into senior compliance roles and the move to functional alignment: and how to manage the regulatory agenda(s) Tim A. to discuss ways to deal with the new regulators, has it changed from FSA days
- If necessary I’d also be happy to go into some detail on the themes arising from the PRA/FCA supervisors but equally happy to leave this to others
Who Should Attend:
-Professionals whose clients are governed by FCA, FPC, and PRA
-Account and Audit Preparers
-Banking & Finance Lawyers
-And Other Interested professionals
Tim leads KPMG’s Regulatory Governance and Organisation service line assisting KPMG’s clients across the financial sector on efficient and effective governance and control arrangements. He advises banks, insurers, asset managers and intermediaries on optimising their group governance and compliance risk management arrangements. Tim spent a year at an international bank developing and implementing, and operating, its global retail compliance risk oversight framework He also ran the global TCF committee that challenged the businesses on the implementation of TCF policies – one of the outcomes of this work was a reconsideration of the bank’s approach to PPI.
Tim led KPMG’s view of the regulatory control framework for an international insurer’s expansion into Asia. His work helped the newly appointed Global Head of Compliance understand not only the potential risks but also the capabilities of the regional teams to address these.
Tim has also worked with clients in preparing for FSA visits and inspections. He has helped senior management focus on the outcomes they want to achieve from FSA visits and assisted them in developing mechanisms to allow them to achieve these outcomes, including: creating compliance risk matrices, running workshops, coaching and mentoring senior management and drafting action plans around areas of risk.
During eight years at the FSA Tim devised and implemented the Approved Persons regime and was a senior policy expert on approved persons and senior management arrangements, systems and controls. As well as conference speaking, Tim was involved in the review of governance structures for large groups in the banking and insurance sectors. He also led the authorisation project for mortgage and general insurance intermediaries, developing the policies and processes that allowed 15,000 brokers to apply for FSA authorisation in a streamlined and efficient way.
Tim leads KPMG’s Regulatory Governance and Organisation service line assisting KPMG’s clients across the financial sector on efficient and effective …
Tim Aron, a partner in Katten Muchin Rosenman UK LLP, concentrates in the regulation of financial services firms, clearing houses and trading platforms. He advises on a wide range of regulatory matters including regulatory change issues (AIFMD, EMIR and MIFID 2), securities and derivatives transactions, safe-keeping of money and assets, systems and controls and other high level standards, conduct of business rules, and the restructuring, acquisition and disposal of entities in the financial sector. In private practice, Tim’s clients have included clearing houses, trading platforms, banks, insurers, securities and commodity broker-dealers, a range of other investment firms and the administrators of a major broker-dealer currently in administration. In the two years immediately following the collapse of Lehman Brothers, Tim advised the UK regulator’s markets division, banking division and enforcement and financial crime division in regards to a variety of post-financial crisis policy, supervisory and contentious-supervisory matters. Tim has also served as legal adviser to the UK Listing Authority, the UK regulator’s legislation team, the UK Competition Commission and a major US investment bank. Tim is a qualified barrister and a member of the Financial Services Lawyers Association’s Executive Committee.
Tim Aron, a partner in Katten Muchin Rosenman UK LLP, concentrates in the regulation of financial services firms, clearing houses …
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Katten Muchin Rosenman UK LLP
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 10,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in more than 156 countries and have more than 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG International provides no client services.
About Katten Muchin Rosenman UK LLP
Katten Muchin Rosenman UK LLP is the London affiliate of Katten Muchin Rosenman LLP. The London team acts for clients operating in the real estate, corporate and financial services sectors. With a broad range of expertise in these areas, Katten’s core practices are real estate investment and development, real estate finance, hospitality and leisure, US and UK regulatory and corporate occupier work. Our London lawyers coordinate regularly with colleagues in other offices, offering access to a platform spanning the United States and Asia in centres of finance including Charlotte, Chicago, Los Angeles, New York, Shanghai and Washington, DC. They offer skilled, integrated legal advice particularly well placed to service the needs of clients undertaking transatlantic business.