Our Regulatory Risk and Compliance support four key sectors: Retail Banking; Retail Lending; Payments and Insurance.

Retail Banking

Regulation is transforming the banking sector. 

The decade following the financial crisis has seen significantly greater regulatory intervention upon banks, and the regulatory interventions seem unlikely to slow down. 2018 marks the introduction of Open Banking, IFRS 9, MiFID II and GDPR among other initiatives led by the HM Treasury and the FCA, such as ring-fencing, PPI complaints consultation and the Occasional Paper on Consumer Vulnerability. Further, the regulatory landscape will also be subject to the political uncertainty of Brexit. An increase in innovation is also creating additional challenges on firms to innovate and modernise themselves while continuing their battle with cybercrime. There is a pressure on retail banks to innovate, increase profits and comply with vast numbers of regulatory legislation. 

The substantial changes and continued ongoing pressure on the sector requires effective implementation and precise execution. The Compliance Team at AG can help strike this balance. 

At AG, we offer a combination of legal and compliance services. We have supported retail banks in a variety of matters that relate to Authorisation, Senior Managers' Regime and Ring-Fencing. We have also provided extensive support in matters relating to remediation or dealing with vulnerable customers. Our wide ranging compliance support is tailored specifically to the client.

Key contacts

Amanda Hulme

Sarah Herbert

Robin Penfold  

Retail Lending

Lending to a changing market.

Retail Lending has evolved significantly over the last 5 years with the abolition of the Office of Fair Trading and the transfer of consumer credit firms to the Financial Conduct Authority and the increased focus on the treatment of customers, may they be dealing with banks or high cost short term credit firms. Firms have had to adapt to comply with these changes and have to continue to focus themselves on a variety of areas. These include ongoing training, applications and notifications to the FCA, regulatory reporting, financial promotions and managing appointed representative networks. Firms must also keep up to date with regulatory changes and implement these accordingly. 

At AG, we have combined our industry leading consumer finance legal team with experienced compliance professionals who can help firms navigate their way through the regulatory architecture. We provide effective commercially tailored solutions to your needs. Our experience includes supporting leading consumer finance providers, including tier one banks, with compliance monitoring programmes, compliance manuals and relevant training. Our experience includes support with consumer finance, such as credit cards, consumer hire agreements and mortgages. Our tailored approach ensures that our support is exactly what your firm needs. 

Key Contacts 

Sarah Herbert

Nikesh Shah

Payments

A changing landscape.

We have one of the strongest and most compelling offerings in the UK and Europe. We are uniquely positioned to support your business in all aspects of payments industry as we have a specialist compliance team who have a deep and rigorous understanding of the payments sector – so much so that Addleshaw Goddard, jointly with Osborne Clark, has been tasked with drafting the industry guidance for PSD2 by UK Finance. As such, our team is involved in creating industry led approaches and can provide expert guidance when navigating through challenging technical questions. 

We can support with applications, assurance and regulatory due diligence for your payments business. Our commercial focused approach means that our solutions will be centres around you. 

Key Contacts 

Amanda Hulme

Nikesh Shah

General Insurance and Protection

Insurance in the 21st century.

The majority of UK households hold general insurance products and the regulatory environment for this sector has largely remained unchanged over the years. There have however, been commercial pressures upon this sector due to changed consumer behaviour as a result of social media and increased use of technology. There is, therefore, a pressure on the sector to adapt, provide appropriate products and treat customers fairly, in particular, by being more transparent. 

At Addleshaw Goddard, our compliance team works in sync with market trends and is aware of the commercial sensitivities with significant understanding of the regulatory obligations. We have vast experience of working on insurance related compliance matters, including assisting firms with the implementation of the insurance distribution directive, assisting firms with remediation work and providing support with ongoing compliance matters. We have also been involved with related litigation and can provide tailored support, as needed by you. 

Key Contacts 

Sarah Herbert

Bethany Rugen