Regulatory strategy and implementation

Together with the increased scrutiny from authorities, investors, and other stakeholders, it is essential for firms to understand, implement, and manage regulatory change effectively and ensure continued compliance with changing regulatory requirements and expectations. 

Our team comprises seasoned industry professionals, former regulators, and compliance and risk managers.  

We have extensive experience of financial services regulation; the challenges of complying with obligations across multiple jurisdictions, legal entities, and business lines; and how to ensure organizations have appropriate systems and controls in place. 

We support our clients with all aspects of regulatory change, including: 

• Authorization applications and variations of permissions 
• Delivering major implementation programs across key regulatory areas 
• Horizon scanning 
• Implementing measures to prevent financial crime and fraud 
• Implementing strategies to be compliant with ESG regulations 
• Ensuring obligations under the U.K. Consumer Duty are met 
• Compliance with individual accountability regimes 
• We provide advice and support on new regulation and obligations management and insights into market developments, emerging standards, and best practices.  
• We help our clients embed new requirements into their day-to-day operations, ensuring alignment with existing controls frameworks and business practices. 
• Our clients value the insights we can provide into wider regulatory strategy and how to effectively manage regulatory relationships.  
• We work with organizations across all aspects of regulatory engagement, from authorization applications to responding to supervisory oversight, and significant remediation programs.  
• We help our clients realize strategic advantages by maintaining effective regulatory relationships, building trust, and easing communication. 

Representative matters 

• Undertaking regulatory reviews and regulatory responses. A global bank had concerns about weaknesses in its financial crime framework. We helped it develop a formal response to an adverse U.K. Financial Conduct Authority (FCA) regulatory review. While drafting this response, we developed plans for the bank to undertake an end-to-end review of its transaction monitoring remediation program. Our work identified areas that, if enhanced, would bring the bank into greater alignment with regulatory expectations. We socialized the draft plans among internal stakeholders and prepared the response for executive-level sign-off within a restricted timeframe. 
• Enhancing a regulatory affairs function. We supported a European insurance and reinsurance group to enhance the effectiveness of its regulatory affairs function. We developed central tracking processes to monitor regulatory discussions and reporting deadlines across its subsidiaries. We developed a tailored technology solution to track interactions with regulators and highlight common themes to address. We managed remediation items via an issue tracker and risk log. We engaged stakeholders to ensure ownership and timely completion of regulatory requests. We also worked across the group and its subsidiaries to anticipate local regulatory challenges and prepare responses. 

• International e-money company. Following an S166 Skilled Person Review, we supported our client with the design of a know your customer (KYC) remediation exercise. This involved extensive client communications and KYC file improvement. We advised on customer treatment considerations around products, services, and contractual obligations in light of regulatory expectations. We supported our client with the drafting of regulatory updates on progress and advised senior management ahead of interactions with the regulator. 
• Advising on regulatory priorities. We provided strategic advice to a financial services client about its regulatory priorities. The company was experiencing rapid growth and had come under regulatory scrutiny. Through a flexible retainer approach, we provided the client with guidance across a range of issues. Our work included assisting with responses to regulatory requests, designing governance arrangements, managing compliance breaches and regulatory interviews. We also helped senior management to develop a strategy that was suitable and sustainable in the context of the broader regulatory environment. This led to improved regulatory relationships and a better understanding of the regulator’s objectives and approach.