Regulatory and Cultural Changes upon us

Frank Brown from GRR consulting discusses the challenges and implications of upcoming regulatory changes, particularly focusing on consumer duty and operational resilience. There is a need for firms to proactively address these changes and not underestimate their significance.

The cultural aspects of compliance is important, especially aligning with counterparties, measuring progress, and understanding the potential future direction of regulatory interventions.

While acknowledging the demanding nature of the deadlines, firms are encouraged to embrace these changes as opportunities for improvement. There are potential commercial impacts and this is need for thorough preparation.

Key Summary Points:

The conversation revolves around the challenges and significance of implementing consumer duty and operational resilience within organizations.
There is an emphasize the need for cultural change, engaging the first line, and aligning with best practices.
The regulator’s interventionist approach is highlighted, with a focus on principles and foreseeable harm.
Measuring progress, considering customer outcomes, and driving continuous improvement is all important
There will be commercial impacts and urge firms to take action and meet the upcoming deadlines.

Key Takeaways:

Consumer duty and operational resilience are crucial regulatory changes that require cultural transformation within organizations.
Engaging the first line and aligning with best practices are essential for successful implementation.
Measuring progress, focusing on customer outcomes, and demonstrating compliance are key aspects of the new regulatory landscape.
The regulator’s interventionist approach emphasizes principles and foreseeable harm.
Meeting the deadlines and driving continuous improvement are vital to mitigate commercial risks.