The Fairer Finance podcast

49:32

This week, we are dedicating the whole episode to insurance. Last week, the FCA published a raft of papers around the general insurance market - from the premium finance market study interim report through to its review of the general insurance pricing practices remedies. We unpack what was in the FCA papers and what these might mean for industry and consumers. In the first half of the show, we discuss Fairer Finance's new report into insurance pricing, which calls on the FCA and government to make a number of changes to the market. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
The Leeds Reforms/FOS changes/SMCR 41:30

il y a 5 weeks41:30

41:30

In this week's episode we discuss the Leeds reforms announced by the Chancellor on 15 July. These included more detail about reforms to the Financial Ombudsman Service as well as significant changes to the Senior Managers & Certification Regime. There was also a hint of changes to the retail banking ringfence. We discuss what all this means for businesses and consumers. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
FCA mortgage market review/Targeted support and advice-guidance boundary review 40:00

il y a 7 weeks40:00

40:00

In this week's episode, we start with a look at the FCA's recent discussion paper on the future of the mortgage market, as well as Nikhil Rathi's recent call to scrap the government mortgage charter. In the second half of the show, we discuss the new FCA consultation paper on targeted support, and talk about the benefits and potential pitfalls of this new light touch advice regimes. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
Pensions reform/Fund management assessments of value 35:28

il y a 9 weeks35:28

35:28

In our latest episode, we look at the recent run of government activity in the pensions market - from the Mansion House Accord to the new Pension Schemes Bill. We unpack the detail of these changes and discuss what they might mean for the market - and pension savers more broadly. We also take a look at the FCA's latest plans to water down fund manager assessment of value reports. We talk about the proposed changes and whether assessments of value did the job that they were introduced to do. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

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Do online will writers need regulating?/Access to cash/FOS compensation changes 44:03

il y a 11 weeks44:03

44:03

In this week's episode, we kick off with a look at the online wills market - discussing Fairer Finance's new ratings in the sector and considering whether better regulation of the sector is needed. In the second half of the show, we move onto discuss Access to Cash. With bank branches continuing to close and cash usage continuing to fall, are we edging towards extinction for bank notes and coins? Finally, there's a quick update on the news that the Financial Ombudsman Service is considering changing the way it applies interest to compensation payments. As ever, if you'd like to get in touch, you can email us at fairerfinance@fairerfinance.com. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
The role of housing wealth in funding retirement/FCA & Treasury news round up: mortgage and insurance rule reform plus latest consumer credit act update 42:31

il y a 13 weeks42:31

42:31

In this week's episode, we delve into the detail of Fairer Finance's new research report looking at how more people can use their housing wealth to fund retirement. With many more people likely to reach later life without adequate pension savings, our research suggests that as many as 51% of people may need to use housing wealth to maintain their standard of living by 2040. We dive into the detail behind the research and discuss policy solutions. You can read the full report here: https://www.fairerfinance.com/insights/research-reports/how-can-housing-wealth-bridge-the-later-life-funding-gap In the second part of the show, we take a canter through the latest consultations and updates from the FCA and Treasury. Already in May, the FCA have published consultations on their mortgage and insurance rules. While the Treasury has published an update on its Consumer Credit Act reforms and laid secondary legislation to regulate the Buy Now Pay Later sector. We talk through the headlines from these key reports. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
FCA turns the spotlight on currency providers/Latest results of the Fairer Finance Trust in Insurance & Trust in Banking indices 38:19

il y a 15 weeks38:19

38:19

In this week's episode, we begin with a look at the FCA's latest consumer duty deep dive - which targets the currency sector. The cost of sending money overseas online is often difficult for consumers to understand - and the FCA highlights examples of good and bad practice in the sector. In the second half of the episode, we discuss the results of the latest Fairer Finance Trust in Insurance and Trust in Banking indices. Over the last decade, trust in all sectors has been rising. But price rises in insurance have put a stop to those gains over the last two years. We discuss the latest data and consider what is driving trust in different parts of the market. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
The FCA's vulnerable consumers review/Regulation of Buy Now Pay Later and review of consumer credit regulation 36:07

il y a 17 weeks36:07

36:07

In this week's episode, we discuss the FCA's recent review of its vulnerable customer guidance. How have firms been meeting the challenge of identifying and supporting vulnerable customers? And what did the FCA's review of bank's power of attorney and bereavement processes uncover? In the second half of the show, we look at the forthcoming regulation of the Buy Now Pay Later Sector - and the review of the Consumer Credit Act. With the Labour government having included a commitment to regulate BNPL, the draft legislation is now drawn up and should be filed any day. But the wider review of consumer credit legislation looks set to take a little longer. We consider what these changes are likely to mean for the sector and for consumers. If you'd like to get in touch with the show, you can message us at fairerfinance@fairerfinance.com. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
What do the CMA's new powers mean for financial services?/How can firms help consumers navigate volatile stock markets? 36:52

il y a 19 weeks36:52

36:52

In the latest episode of the Fairer Finance podcast, we start with a look at the CMA’s new consumer protection powers to tackle aggressive and misleading sales tactics. We'll discuss what this new regime might mean for firms already subject to the FCA’s Consumer Duty. Do the CMA’s new powers change anything? In the second half of the show, as stock markets are volatile, we also ask how firms can help their customers make good investing decisions? We'll look at the ways in which investments and pensions providers are communicating with their customers. Volatile stock markets often make consumers feel anxious, so how can firms help customers make decisions that they won’t regret? Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
What is the focus of the FCA's new 5 year strategy?/The launch of the FCA's protection market study 42:35

il y a 21 weeks42:35

42:35

In the latest episode of the Fairer Finance podcast, we start with a look at the FCA's new five year strategy - as well as a dive into its latest plans to strip back the rulebook. The strategy talks about rebalancing risk - but how much risk will be socially and politically acceptable for consumers? In its latest consumer duty paper, the FCA talks about a number of new ideas - from scrapping savings summary boxes to reviewing fund manager assessments of value. We'll be taking a look at what these measures might mean and when they might come into effect. In the second half of the show, we take a look at the FCA's protection market study - which has now been formally launched. The rights and wrongs of commission look set to be a key theme - but where else has the FCA indicated it may focus its attention. If you'd like to get in touch with us - you can email us at fairerfinance@fairerfinance.com. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
What will the FCA's mortgage reforms mean for consumers and the economy?/FCA under fire over funeral plans 38:07

il y a 23 weeks38:07

38:07

In this week's episode, we start by taking a look at the FCA's recent announcements around the mortgage market. In the next few weeks, the regulator has said it will launch a call for evidence to hear whether its current stress test affordability rules are too strict - and will consider whether it's time to allow borrowers to borrow more. The FCA has also announced a consultation into how to improve mortgage accessibility - and simplify the advice regime. In the second half of the show, we take a look at funeral plans. This week, the Complaints Commissioner upheld a complaint against the FCA about the way it handled Safe Hands in the run up to regulation of the sector in July 2022. So what might this mean for funeral plan customers who lost out when their company went bust? If you'd like to contact the show, you can email us at fairerfinance@fairerfinance.com. If you're enjoying the Fairer Finance podcast, please do share with your colleagues - and leave us a review. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
Can Isa reforms get more consumers investing?/The growth of essentials policies in the general insurance market 42:19

il y a 25 weeks42:19

42:19

Rumours are abound that the government is considering cutting the cash Isa allowance to get more people investing. But will it work? And why don't more people invest in stocks and shares in the UK? In the second half of the show, we look at the growth of essentials policies in the general insurance market. Since the FCA banned insurers from charging existing customers more than new ones, the insurance market - particularly the car insurance market - has seen a growth in policies that don't include features that were once standard. But are consumers keeping up with the pace of change - and what should the regulatory response be now? Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
What's going on at the Financial Ombudsman Service?/ The future of the UK banking sector 44:42

il y a 27 weeks44:42

44:42

In this episode, we take a look at what's been going on at the Financial Ombudsman Service - with both the CEO and Chair announcing their departure within a few days of each other. The recent FOS/FCA call for input into the UK consumer redress system has also just closed. What changes might we expect to see? In the second half of the episode, we take a look at the recent corporate activity in the banking sector and take a look ahead to how the sector might evolve over the next few years. Nationwide recently bought Virgin Money, and Coventry Building Society has now completed its acquisition of the Co-operative Bank. Meanwhile, rumours abound that Santander is up for sale, and TSB may also soon find itself in play. So who's winning the battle of the UK banks? If you want to submit questions or suggest topics for future podcasts, please email us at fairerfinance@fairerfinance.com. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
Growth vs consumer protection: will the Government's pro-growth agenda lead to the deregulation of financial services? 38:32

il y a 29 weeks38:32

38:32

Government ministers have been talking in stereo about regulation standing in the way of growth - and have ordered regulators to explain how they can behind the pro-growth agenda. Over the last few weeks, Consumer Duty board champions have been scrapped, the chair of the Competition Commission has been fired and the FCA has begun talking about watering down mortgage affordability rules. So what is this deregulation drive likely to mean for the industry and consumers? Is the consumer protection framework of the last 25 years about to be dismantled? And what does all of this have to do with board games and endangered species of bats. Eve McGrady, Tim Hogg and James Daley provide the answers. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

1
What can we expect from the FCA and Treasury in 2025? 33:31

il y a 31 weeks33:31

33:31

In this episode, we're taking a look at what lies in store for the financial services sector in 2025. With a busy roster of Government activity and FCA market studies - who will be the winners and losers? We also take a look back at James' 2024 predictions to see if he got any of them right. If you'd like to suggest topics for future shows, or send in your questions, please send us an email to fairerfinance@fairerfinance.com. Email us your questions and suggested topics for discussion to fairerfinance@fairerfinance.com…

The Fairer Finance podcast

1
Trailer: The Fairer Finance Podcast 1:30

il y a 32 weeks1:30