The changing
regulatory landscape

The changing regulatory landscape

Regulation is the bedrock of financial services, and it is vital for CAs to stay fully informed about the latest developments. To support professionals seeking to expand their knowledge of financial services regulation, ICAS is running a two-day introductory course on 2–3 April.
The sessions provide an overview of the UK regulatory regime and environment, and cover consumer duty as well as the principal regulations and statutes governing UK investment banking, stockbroking and fund management firms. Delegates will also study topics such as fair treatment of customers, financial promotions and financial crime.
The online course is presented by Paul Darroch Groden, who spent more than 20 years working in international finance before deciding in 2022 to share his knowledge and expertise through teaching and presenting. He is also a podcaster and an award-winning writer and author.
Pivotal moment
Regulation is currently a hot topic, as Groden explains: “Financial services regulation is being scrutinised to identify whether it is blocking or helping the UK’s international competitiveness. The government has tasked the Financial Conduct Authority (FCA) to come up with areas of improvement, so we’re at a pivotal moment.”
The course starts with a survey of the current regime, moving on to the FCA handbook, particularly the conduct-of-business rules for retail clients. “This is an important subject because consumer duty has raised the bar in terms of how retail clients expect and deserve to be treated. The industry is still digesting the implications of consumer duty at this stage,” he says.
Groden highlights three key subjects to be covered by the course. “First, CAs are operating in a world which is rapidly changing,” he says. “For example, if they’re working in retail financial services, many of their consumers will be getting their information from so-called ‘finfluencers’ nowadays, including from TikTok videos on financial education. We will therefore be considering the FCA guidance from last year on social media marketing. This is an area that is constantly changing – it’s good to be up to speed with the latest developments.”
“You might see more pressure on government bond markets, so it’s important to understand the role of the financial policy committee as a ‘firebreak’”
Paul Darroch Groden, BPP
Second, attendees can expect to hear about crypto-assets and regulation. “Digital assets are very much a talking point at the moment,” says Groden.
The third point relates to government bonds. “Everyone is watching the gilt markets, and we will be looking at the gilt crisis that occurred after the mini Budget in September 2022. There’s always a risk that you might see more pressure on government bond markets, so it’s important to understand the role of the financial policy committee as a ‘firebreak’.”
Of course, financial professionals need to be aware of the consequences for breaching regulations. “These can include reputational damage, regulatory action and fines. On the course we cite a number of cautionary tales, including some widely publicised cases where well-known, high-street financial institutions have suffered fines of hundreds of millions of pounds relating to operational and regulatory failure,” says Groden. The benefits
Reflecting on the main benefits of the course, Groden says: “Someone from a qualified accountancy background already has a very powerful toolkit to understand the world of regulation. However, the course adds value, by connecting the body of theoretical and practical knowledge that qualified accountants have with the latest regulatory developments.”
The subject matter can further enhance client relationships too. “The course gives delegates the relevant additional information and skills to be bang up to date on regulation for their clients,” he says. In addition, it is useful for CAs’ own personal development, as Groden points out: “CPD is the foundation of any career, and this course provides a boost. Delegates will gain actionable knowledge.”
And they won’t be sitting on the sidelines, as Groden encourages involvement. “I like the course to be entertaining, engaging and participative,” he says. “Even though it’s on a screen, it feels like we’re all in the room together because there’s a lot of conversation as we discuss case studies and scenarios. The more free-flowing we can make the course, the better the learning experience. However, it doesn’t shy away from technical detail, but provides it in accessible chunks.
“This is not a death-by-PowerPoint course. We talk about the issues that are affecting financial services that attendees may be familiar with from the Financial Times or other media. I continually update the course materials with recent case studies, so they’re linked to day-to-day events, instead of delegates just looking at a lot of historic financial regulations. The course content reflects the commercial world of today.
“The bar is always being raised in terms of what the regulator and clients expect, so this course is all about keeping ahead of the rising tide of regulatory expectations.”
Book your place on Financial Services Regulation – Introduction