[author: Henry Umney]
As we approach year-end, many minds move towards what might happen next year, as the world (hopefully) finally begins to move out of the shadow of the challenges of the last two years.
The primary UK financial services regulators – the Prudential Regulatory Authority (PRA), the Financial Conduct Authority (FCA), and the Bank of England – have spent the recent weeks and months doing the same and have recently published their joint regulatory initiatives grid for 2022.
In the past, there has been criticism that each of the UK’s financial regulators have plowed their own furrow, announcing their plans and their intentions, with little reference to what the other regulators were planning. This situation pushed the onus of understanding and synthesizing the various announcements onto risk and compliance teams at financial institutions, who had the headache of working out all the priorities.
Feedback from institutions in recent years has encouraged the regulators to take a more coordinated approach to enhancing regulations and creating new ones. Given the near-constant stream of announcements in response to changes in the markets, the economy…
