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Learning My Way L6-7 Skills, Behaviours and Personal Development

Financial Services Regulation

Introduction

The Financial Services Market has seen much change in the way it is regulated over the last decade. Many of these changes were as a result of the 2008 Financial Crisis, which saw the world's financial services market decimated within a matter of months.

Much blame for the crisis was aimed at the regulators Financial Services Authority (FSA) the Bank of England and the Treasury for their 'light-touch' approach to regulation and this led to the introduction of a new regulatory framework in 2013.

Following the Financial Services Act (2012), the Financial Services Authority (FSA) ceased to exist, and the job of micro-prudential regulation was given over to a new regulatory authority – the Prudential Regulation Authority (PRA). In addition, the creation of the Financial Conduct Authority (FCA) attempted to maintain high levels of competition in the financial sector.

Here will find resources to help you to build your knowledge of how the different sectors of the Financial Services Market are regulated and the events that led up to this increased regulation.

Watch

For those of you who prefer to watch here, you will find some interesting videos looking at Financial Services Regulations, the changes to Banking culture and a reflection of banking reforms, has enough been done?

Financial Regulation in the UK

In this video you will learn about the tripartite system of financial regulation in the UK .

Envisioning the future of financial services in the era of AI

What is the meaning of generative AI for the industry and what does it take for financial institutions to seize the moment and find new ways to innovate, achieve differentiation, and drive long-term growth?

Banking reform: Has enough been done? - BBC Newsnight

A decade after Northern Rock's collapse, Helen Thomas asks whether enough has been done to reform banking regulations.

Read

If you prefer to learn through reading, below are a range of articles looking at the impact of Lehman's brothers collapse in 2008- which triggered the financial crisis; consideration as to whether the banking sector has become over-regulated and a few articles that consider the future of banking and financial regulation.

Lehman Brothers' former CEO blames bad regulations for bank's collapseDick Fuld defended the bank’s culture, pointing the finger instead at government failings and hedge funds aggressively short-selling its stock

Why do we regulate banks?We want to keep the financial system stable and individual banks safe.

UK Banking Deregulation and Beyond

Financial services risk & regulationFinancial services risk and regulation - many see it as a problem, we see it as an opportunity. An opportunity to shine. An opportunity to grow. An opportunity to build trust.

Consultation period ends on UK’s proposed crypto regulations.Crypto asset firms, technology companies, and financial institutions were invited to provide feedback on the UK's answer to MiCA. Here's what we had to say.

UK Finance slams overregulation in financial services sectorUK Finance, the U.K. regulator responsible for the financial services sector, is offering recommendations to curb the abundance of intersecting rules in FS.

UK financial services regulator sets out expectations on outsourcing and third party risk managementAt the end of March, the UK Prudential Regulation Authority (PRA) published the Policy Statement (PS7/21) and the Supervisory Statement (SS2/21) which set out its expectations of PRA-regulated firm…

Do

You will all be studying for professional qualifications within your apprenticeship that will help you to build your knowledge and understanding of the Financial Services Regulatory framework. Here are some additional links to the regulators' sites to help you to build your knowledge of regulation. You will also find a short course from the Open University that will help you broaden your understanding of the Financial Services Market.

About the FCAThe Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms.

What is the Prudential Regulation Authority (PRA)?The PRA supervise over 1,500 financial institutions including banks and insurance companies.

Stretch and Challenge Yourself

Learning to stretch our thinking skills is integral to accelerating our development. This is a really important part of the learning process, and gives you the opportunity to demonstrate your skills and show progression in your Apprenticeship.

Here are two challenges for you to pick from- should you choose to accept, this will help you to develop critical thinking, evaluation skills and encourage creativity.

Challenge 1

Analyse the impact of the changes to regulation in the UK since Brexit. Compare the advantages and disadvantages of the changes in three different sectors within the UK market and conclude from your analysis which sector you feel will be impacted most significantly. Discuss with your Talent Coach justifying your conclusion.

The future of UK regulation: 10 things to think aboutUK regulation is at an important crossroads. The decisions that the UK Government and regulatory authorities take during this year and next will determine the course of UK regulation for the remainder of the decade.

Challenge 2

Read the article to the left 'The future of UK regulation; 10 things to think about '. Pick one of ten aspects considered that relate to your sector. Evaluate how these future changes will impact the way your organisation trades. Analyse the potential threats within these changes and conclude which change has the highest risk to compliance. Discuss with your Talent Coach justifying your conclusion.

Update your Learning Journal in OneFile with your evaluation and your reflections ready to discuss with your Talent Coach at your next review.

Reflect

Reflective practice is, in its simplest form, thinking about or reflecting on what you do. It’s a really important part of learning from experience.

Within your apprenticeship you will be encouraged to reflect throughout your programme, the reason for this is two-fold.

Regular reflection will accelerate your development and help you to identify areas to develop helping you to constantly move forward.
A summary or log of your reflections on your development will be required as part of your endpoint assessment activities. These reflections should demonstrate your ability to 'critically evaluate' your performance and development.

Reflection is a skill and practice will make it easier, it should also be an enjoyable experience and a chance to concentrate on what you need.

To support you to develop this skill we have gathered a range of resources and articles to help you find a reflective model that works for you.

Click on the button below to access the Reflective Practice page for additional resources.

Reflective Practice

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