As the year draws to a close, our Financial Services team take the time to reflect on how the learnings over the last 18 months can be applied to improved preparedness for upcoming regulatory changes in 2022.

The Financial Services industry (including firms, consumers and the regulators) have had to wrestle with multiple developments including Brexit, climate change and of course, COVID-19. In this short whitepaper, we discuss the numerous challenges the industry has faced and how this has led to a shift in the regulator’s approach from ‘risk-based’ to ‘harm-based’.

This shift neatly aligns to the key priorities for the first quarter of 2022, where we summarise both financial and operational resilience requirements alongside approaches to ensure vulnerable consumers are kept out of harm’s way.

Given the volume of upcoming regulatory change and likely resource challenge in delivering these; we conclude by highlighting the key steps in building appropriate governance to ensure risk is managed effectively as part of your regulatory horizon planning.

Get in touch

If there is anything in this summary which you would like to discuss further, please do not hesitate to get in touch with myself, a member of our Financial Services team, or your usual Johnston Carmichael adviser.