Sector regulation

Regulation affects every aspect of how financial services firms operate.  In the UK, the regulatory landscape was transformed by the setting up of the Financial Conduct Authority, with extensive conduct and competition powers.  Our regulatory work in the UK focuses on FCA conduct regulation, the Payment Services Regulator, the Competition and Markets Authority, Bank of England, the Pensions Regulator, and the European Commission.

We have extensive experience navigating clients through this landscape, and have a deep understanding of the issues and how regulators approach financial services products and markets.  Our work includes:

  • strategic advice on regulatory engagement;
  • guidance and support in responding to market studies, thematic reviews and other investigations;
  • regulatory risk assessment based on applying FCA’s approach to conduct and competition issues;
  • applying behavioural economics in regulatory context, including the design and running of behavioural research and customer experiments;
  • assessing the impact of forthcoming regulation on client business models; and
  • thought leadership on future regulation and reform.

Some of the notable issues we’ve worked on recently include:

  • Strategic review of retail banking business models (FCA)
  • Mortgages market study (FCA)
  • Asset management market study (FCA)
  • Market review into the supply of indirect access to payment systems (PSR)
  • Cash savings market study (FCA)
  • Credit card market study (FCA)
  • Market review into the ownership and competitiveness of infrastructure provision (PSR)
  • Call for input on high-cost credit and overdrafts (FCA)
  • Price cap on high-cost short-term credit (FCA)
  • ATM interchange economic review (LINK Scheme Ltd)
  • Defined contribution workplace pensions: audit of charges and benefits (Association of British Insurers)
  • Independent Commission on Banking
  • Risk assessment of credit card business model
  • Open Banking Implementation Entity Third Party Advisory Group