Wed Sep 8 CEST (10 months ago)
In your timezone (EDT): Wed Sep 8 2:50am - Wed Sep 8 3:30am
In retail – the front line of the financial sector – things have moved on significantly since the start of the COVID-19 pandemic with the introduction of new technology and investment opportunities. With these changes new risks have emerged, increasing vulnerability among consumers – particularly younger consumers who are involved in higher risk investments – in part by the accessibility offered by new investment apps.
The UK regulatory authorities are aware of the risks being presented to consumers and the ban on the mass marketing of speculative mini-bonds has shown that they are not afraid to take prohibitive action where necessary. They are also embarking on an ambitious retail reform programme that will encourage innovation while protecting consumers. At the centre of these reforms will be a new consumer duty. Given that the reforms will significantly change how the retail market operates, firms should be considering what steps they should be taking.
In this briefing we will cover:
• The key factors driving change for consumers
• The impact of the pandemic on customer behaviour
• The FCA’s Financial Lives Survey and what this tells us
• The UK economic outlook, ‘unlocking’ and what this might mean for the consumer investment and wealth management sectors into the Autumn and 2022
• The key risks for consumers and regulatory expectations for firms
• Increasing regulatory action in connection with high-risk products and promotions
• Recent market interventions
• Financial Advice Market Review (FAMR): what next?
• The regulatory drivers and upcoming reform from HMT and the FCA
• New consumer duty proposals
• Open finance
• Regulatory reform of PRIIPs
• Brexit and the future framework
• The key issues for firms to consider
• Governance priorities going forward
• Preparing for further customer, and regulator-driven change