Financial services insights

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Read our latest banking and capital markets insights.

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Read our latest insurance insights.

Asset management insights

Read our latest asset management insights.

What is the impact of IFRS 18 for asset management

IFRS 18 introduces more standardised performance reporting for all entities reporting from 2027. This article outlines how IFRS 18 could affect different players in the asset management sector and highlights key aspects to consider when preparing for adoption.

AI operationalisation framework

AI operationalisation is transforming banking and insurance, enabling organisations to run AI reliably, govern decisions, and explain outcomes.

FRS 102 revenue changes in insurance

As insurers and intermediaries diversify beyond their core activities, the FRS 102 revenue recognition changes have become increasingly relevant. Firms will need to assess the new requirements and determine whether updates to their accounting policies, presentation and disclosures are required.

SS5/25 starter kit: a useful guide

From building an implementation evidence pack to operationalising SS5/25, everything you need to know when preparing for SS5/25.

AI in model risk management

Model Risk Management (MRM) was built to control models. The next decade will require us to control decisions.

How is the role of the CRO changing?

Risk leaders are navigating an increasingly interconnected environment spanning operational resilience, technology, third parties, transformation and artificial intelligence. Yet the answer cannot simply be for the risk function to assume responsibility whenever a new risk emerges.

Motor finance consumer redress for lenders

While legal challenges have delayed the implementation of the FCA's motor finance consumer redress scheme, firms should use this period to strengthen operational readiness, refine contingency plans and address wider regulatory expectations.

Motor finance consumer redress for dealers

Although the FCA's latest feedback is aimed primarily at lenders, it has important implications for dealers. With firms expected to continue preparing despite ongoing legal challenges, dealers should take steps now to assess records, strengthen processes and prepare for future information requests.

The use of AI in asset management

AI is no longer a future consideration for asset managers. As AI enters its Return-On-Investment (ROI) or return-on-AI era, firms are expected to focus on demonstrating and realising its tangible value.

Consumer Duty outcomes monitoring

Since introducing the Consumer Duty, the FCA has continued to publish guidance, research findings, and examples of good and poor practice.

Consumer Duty: lessons from FCA Enforcement

The FCA's second edition of Enforcement Watch provides insight into how the regulator is using both supervision and enforcement powers to drive better consumer outcomes under the Consumer Duty.

Financial crime regulatory developments: July 2026

July saw significant regulatory developments across virtual assets, DeFi, AML controls and APP scam reimbursement, with key updates highlighting evolving risks, regulatory expectations and industry performance.

Double default modelling

Credit guarantees are a fundamental feature of corporate lending. Yet when estimating Expected Credit Losses (ECL), many institutions continue to rely on simplified approaches that may not fully reflect how guarantees work in practice.

UK FS regulatory affairs newsletter – Q3 2026

In the third quarter of 2026, our experts commented on several key regulatory developments and industry trends. Our quarterly financial services regulatory newsletter provides a comprehensive overview of topics relevant to firms operating across the UK financial services sector.

FS regulatory insights newsletter: Q3 2026

Financial crime regulatory developments: June 2026

In June, the UK and international authorities continued to strengthen the financial crime framework through reform, supervision and stronger cooperation, focusing on effective controls, risk-based compliance, cross-border collaboration and emerging risks.

IFPR ICARA Assessment A

IFPR is now well into its fourth year since the regime’s introduction. Most firms have completed multiple ICARA cycles, templates are embedded, and firms have significant experience populating the MIF007 returns.

Navigating uncertainty in UK financial services

UK financial services (FS) leaders enter the second half of 2026 with a striking duality: broad optimism about growth, tempered by a clear-eyed recognition that uncertainty is no longer a passing phase but the new operating environment.

Model risk opportunities for financial services

Models sit at the heart of decision making across banking and insurance. As reliance grows, model risk has become a strategic issue, not just a technical one.

The importance of stress testing in FS

For banks and insurers, the nature of stress has changed. Risks now emerge faster, interact more closely, and escalate across financial, operational and strategic dimensions at speed. Episodes that once unfolded over months can crystallise in days.

AI reshaping financial and actuarial modelling

Financial and actuarial modelling has always evolved in response to increases in scale, regulatory scrutiny and business expectation as well as advances in technology.

May 2026 regulatory developments

The UK is strengthening its sanctions enforcement, highlighting control weaknesses and ownership risks, whilst partnering with banks to tackle illicit payments. Firms must enhance due diligence, monitoring and governance to address evolving threats, including crypto-enabled evasion and serious criminal activity.

Liquidity risk lessons for an FS-wide challenge

Liquidity risk has become a fast moving, highly visible threat across financial services. Digital models, social media and intraday pressures demand board level ownership and robust execution, offering critical lessons that extend well beyond banking.

Navigating climate scenario science

The article explores climate scenario science, highlighting CMIP7’s changes and their relevance to financial risk management.

Financial reporting of European banks 2026

Despite continued economic uncertainty, Europe’s banking sector has demonstrated a notable degree of resilience.

Insurance reporting: cyber risk disclosures

Pressures around cyber resilience are not new for insurers. This is because firms’ vulnerability to cyber-attacks comes not only from the sensitive data that they hold, but also from the growing cyber insurance business line.

Practical guide in suitability assessments

What are the common suitability gaps and how can firms strengthen advice in line with the FCA’s expectations.

Insurance corporate reporting AI

As Artificial Intelligence (AI) adoption continues to grow in the Insurance sector, firms need to be prepared for possible changes in the corporate reporting environment.

PS26/6: Senior Managers and Certification Regime

April marked the latest step in the reform of the Senior Managers & Certification Regime (SM&CR), as regulators move to streamline the regime while preserving senior management accountability.

Risk management and wind-down in payments firms

In June 2025, the Financial Conduct Authority (FCA) published a multi-firm review on ‘Risk management and wind-down planning at e-money and payments firms’[1].

Financial crime regulatory developments

In April, the FCA identified weaknesses in CDD frameworks, progressed SM&CR reforms, and consulted on cryptoasset regulation whilst promoting AML innovation through synthetic data. OFSI also signalled a more proactive sanctions approach, and the Crime and Policing Act 2026 increased corporate liability and senior management accountability.

New US regulatory capital framework implications

Global banking regulation is entering a new phase. The proposed US regulatory capital reforms represent one of the most consequential changes to the prudential framework in recent years, with significant implications for internationally active banks operating across multiple jurisdictions.

Navigating regulatory complexity in FS

Despite continued geopolitical, regulatory and technological uncertainty, confidence across the financial services sector remains strong. This year’s C-suite barometer points to a broadly positive outlook, with leaders remaining confident in their ability to grow, transform and manage disruption in an increasingly complex business environment.

PRA changes to Funded Reinsurance

With the release of CP 8/26, the PRA proposes to bring the regulatory capital treatment of funded reinsurance in line with economically similar assets.

UK FS regulatory affairs newsletter – Q2 2026

In the second quarter of 2026, our experts commented on a number of announced regulatory developments. Our quarterly financial services regulatory newsletter is a comprehensive overview of topics relevant to firms that operate in the UK across all financial services sectors.

FS regulatory insights newsletter: Q2 2026

FCA rules on ops incident & third-party reporting

Almost a year on from the operational resilience implementation deadline, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) continue to add to the framework with more structured oversight.

Basel III: The new US proposals

US regulators recently proposed a significant recalibration of their capital framework. As Basel III now plays out differently across the US, UK and EU, this article compares the approaches and assesses the implications for internationally active banks.

New regime for crypto-assets in the UK

Regulators are accelerating crypto asset rulemaking, but without global alignment. As the UK finalises its regime alongside MiCA’s transition end, and the US advances GENIUS Act, firms face increasingly fragmented cross border compliance.

AMLA: a unified, data-driven AML/CFT framework

The Authority for Anti-Money Laundering (AMLA) has released its 2026-2028 work programme, marking the operational launch of Europe’s AML/CFT framework into a unified, data‑driven supervisory architecture. The programme strengthens systemic supervision, ensuring consistent risk assessment and supervision across the Union and in doing so, redefines supervisory expectations for European financial institutions.

Motor Finance Consumer Redress Scheme

The Financial Conduct Authority (FCA) has recently published its Motor Finance Consumer Redress Scheme. This article sets out the key components of an automated tool that is auditable and gives the regulator confidence in its completeness, accuracy and appropriateness.

From IAS 1 to IFRS 18: what you need to know

IFRS 18 becomes effective for periods beginning on or after 1 January 2027. Are you prepared?

CP5/26: modernising the liquidity policy framework

The PRA’s revised reforms through CP5/26 marks a shift from meeting liquidity ratios to proving operational readiness.

Basel 3.1: changes to Pillar 2A

The Prudential Regulation Authority (PRA) published consultation paper CP12/25 in May 2025 as the first phase of a two-stage overhaul of Pillar 2A methodologies, with final rules published in January 2026.

Financial crime regulatory updates: March 2026

March saw a broad range of financial crime regulatory developments spanning AML, fraud and sanctions. Key updates included OPBAS and FCA findings, digital identity guidance for CDD, the Fraud Strategy 2026–2029, PSC guidance, draft MLR changes and notable announcements from OFSI and the PSR.

FCA consumer understanding

The FCA’s latest report, published on 13 March 2026, provides valuable insight into how effectively firms are meeting the consumer understanding outcome of the Consumer Duty.

Financial Conduct Authority Work Programme 2026-27

The FCA sets out 2026/27 agenda to strengthen consumer guidance, enhance market resilience and promote responsible innovation across the financial sector.

Insurance corporate reporting IFRS 18

For the last few years, insurers have operated within a relatively stable financial reporting environment. That stability is set to shift. The future of insurance reporting will be shaped by new accounting standards and an evolving risk landscape, both of which are expected to drive meaningful change across the industry.

Shaping the future of consumer redress

The Finalised Guidance (FG)26/2 and Consultation Paper (CP)26/9 released earlier last month will shape the future of consumer redress.

Motor Finance Redress Scheme final publication

The Financial Conduct Authority (FCA) published its final Motor Finance Consumer redress scheme on 30 March, marking a pivotal development for lenders and dealers/brokers in the motor finance sector. This scheme introduces several significant operational and methodological changes, reshaping the landscape of consumer compensation for historic motor finance commission arrangements.

FRS 102 practical implementation series

With the implementation of FRS 102 now underway, many organisations find that challenges lie not just in the technical accounting but also in ensuring the project moves smoothly without unnecessary delays.

Building societies insights and services

At Forvis Mazars we collaborate with Building Societies clients and Regulators to build confidence, trust and prepare you for what’s next.

Fair value option for investments

The International Accounting Standards Board (IASB) has proposed amendments to paragraphs 18 and 19 in IAS 28 Investments in Associates and Joint Ventures (IAS 28) to clarify when it is permissible to measure such investments at Fair Value Through Profit or Loss (FVTPL) rather than using the equity method.

New Partner, Financial Planning team

Forvis Mazars, a leading global professional services network, has appointed Laura Salter as Partner in its Financial Planning team, based in the firm’s Birmingham office. In this role, Laura will continue driving the growth of the Financial Planning team in the Midlands, with a focus on developing talent and building on the firm’s reputation as a leader in Birmingham’s business community

IFRS 9 – Risk Mitigation Accounting proposals

Upcoming IFRS Amendments – Proposals to account for dynamic interest rate risk management activities.

Insurance service expense amounts disclosure

A recent tentative IFRS Interpretations Committee agenda decision could give rise to systems issues for insurers, requiring them to capture information for IFRS 18 disclosure purposes for periods beginning on or after 1 January 2027 that they might not currently be capturing.

Financial crime regulatory developments: February

February saw a range of financial crime regulatory developments, with a particular focus on fraud and sanctions. Updates included guidance on identity verification using digital identities, a PSR decision notice for failure to comply with Confirmation of Payee requirements, OFSI consultations and guidance papers, and new insights into APP fraud and cyber enabled fraud.

Supreme Court Overturns Tariff Increases

There has been a notable development in the United States regarding the emergency import tariffs introduced in 2025 by President Trump.

FCA review of customer outcomes

The FCA looked into how smaller mutual life insurers met the Consumer Duty and delivered good customer outcomes. It shared the findings in January 2026 - relevant to all mutuals and life insurers.

FCA interim report on pure protection distribution

The FCA is looking into the distribution of pure protection products: term assurance, critical illness cover, income protection insurance and whole of life insurance.

Interest Rate Risk Management

The International Accounting Standard Board (IASB) has published proposals to replace existing IAS 39 macro-hedge accounting requirements and intends to withdraw IAS 39 in its entirety. In addition new disclosure requirements about interest rate management activities are being proposed to be mandated.

FCA Regulatory Priorities

The Financial Conduct Authority (FCA) published its regulatory priorities for the insurance sector to help firms understand what is expected and where to focus – it is a guide for boards and chief executives.

Financial crime regulatory developments: January

Regulators and law enforcement agencies focused heavily on crypto assets and sanctions this month. The FCA set out its new authorisation regime for UK crypto asset firms, amid OFSI enhancing its civil enforcement processes and issuing a penalty to a large bank for its business relationship with a Designated Person.

Rising financial crime risks

Payment and e-money firms are facing increasing pressure from regulators.

The future of talent in insurance

The insurance and actuarial profession are at a turning point. Emerging technologies - particularly AI, automation, and advanced analytics - are reshaping traditional activities and creating new possibilities.

Basel 3.1: Are you ready for the new rules?

The delay in implementation of Basel 3.1 offers banks a valuable window to recalibrate compliance strategies, strengthen system capabilities, and position themselves to navigate the complexities of the new framework with confidence.

UK FS regulatory affairs newsletter – Q1 2026

What should be firms’ priorities for the first quarter of 2026? Our experts analysed on a number of announced regulatory developments. Our quarterly financial services regulatory newsletter is a comprehensive overview of topics relevant to firms that operate in the UK across all financial services sectors.

Financial crime regulatory developments: December

The FCA made headlines by issuing its first censure of a professional body, fining a major UK building society, launching AI testing and consumer tools, and consulting on new crypto regulations. At the same time, government bodies updated compliance guidance, strengthened tax evasion reporting requirements, and unveiled the UK’s Anti Corruption Strategy 2025. The EU also added Russia to its high-risk...

FCA’s Motor Finance response to stakeholder issues

Following the Court of Appeal’s judgment last October on three high-profile Motor Finance cases, which sent shockwaves through the entire Financial services sector, serious questions have resurfaced around conduct and culture.

Preparing for the Declaration under Provision 29

In 2024, the Financial Reporting Council (FRC) revised the UK Corporate Governance Code (the “new Code”). While this is mandatory for UK-listed companies, building societies are encouraged to disclose their corporate governance arrangements in their annual reports, although they are not subject to specific statutory requirements.

Key updates for banks & insurers with SS 5/25

Our experts are hosting a webinar covering everything you need to know following the release of the new Supervisory Statement (SS) 5/25.

Monitoring trustee insights on divestitures

Our monitoring trustee team contributed a chapter to the Sixth Edition of Global Competition Review’s Merger Remedies Guide, titled “Overcoming hurdles: insights from a monitoring trustee on effective divestiture implementation”.

Impact of the Budget in the financial sector

On 26th November, Rachel Reeves delivered her Autumn Budget for 2025. We analyse the impact this will have on firms operating in the financial services sector.

Financial crime regulatory developments: November

November saw significant momentum in the fight against financial crime, with both global and UK regulators driving forward key reforms. These initiatives mark a decisive step toward stronger governance, accountability, and resilience against economic crime.

Financial crime regulatory developments: November

November saw significant momentum in the fight against financial crime, with both global and UK regulators driving forward key reforms. These initiatives mark a decisive step toward stronger governance, accountability, and resilience against economic crime.

Financial crime regulatory developments: October

October’s regulatory landscape reflects a strong push toward modernisation, enforcement, and global alignment. Key updates include FATF’s new asset recovery guidance and AI risk alerts, FCA’s reviews on financial crime controls and tokenisation, and UK Government-led reforms to AML supervision and sanctions frameworks. Together, these developments signal heightened scrutiny, innovation in financial...

Culture & conduct: pillars of insurance leadership

The Financial Conduct Authority’s new non-financial misconduct rules make culture and conduct a core compliance issue for insurers, which will reshape expectations of leadership, governance, and accountability.

Roadmap for the Motor Finance Redress Scheme

We outline a high-level approach for firms to consider when seeking assurance that governance, controls, and processes meet the expectations of the FCA’s proposed Motor Finance Redress Scheme.

UK FS regulatory affairs newsletter – Q4 2025

In the final quarter of 2025, our experts commented on a number of announced regulatory developments. Our quarterly financial services regulatory newsletter is a comprehensive overview of topics relevant to firms that operate in the UK across all financial services sectors.

UK FS regulatory affairs newsletter – Q3 2025

In the third quarter of 2025, our experts commented on a number of announced regulatory developments. Our quarterly financial services regulatory newsletter is a comprehensive overview of topics relevant to firms that operate in the UK across all financial services sectors.

Managing risk in a fast-changing BPA market

The UK Bulk Purchase Annuity (BPA) market has experienced sustained growth, with intense competition for new business. This competitive landscape has attracted new entrants and driven innovation, but it has also intensified pressure on pricing, terms, and risk appetite.

FCA consults on Motor Finance Redress Scheme

The FCA has launched a six-week consultation on a proposed redress scheme for Motor Finance commission arrangements, aiming to resolve longstanding concerns, provide clarity for consumers, and guide lenders through a structured path to compensation and compliance.

IFRS 17 in practice: UK non-life insurers

As insurers prepare to enter year three of IFRS 17 reporting, now is the time to pause and reflect on the lessons learnt from the first two years of IFRS 17 to further improve disclosure quality in the future.

Implementing UK and EU T+1 recommendations

T+1 implementation accelerated over the summer with the publication of the EU Industry Committee’s High-Level Roadmap. With Switzerland matching the same go-live date as the UK and EU (11 October 2027), the race to T+1 settlement cycle has officially started.

REIM leaders tackle uncertainty

The real estate investment management (REIM) sector enters the end of 2025 at a critical juncture. Traditional approaches to risk assessment and portfolio composition are being called into question by geopolitical uncertainty, evolving capital markets and shifting investor expectations. As the sector moves beyond the adjustment period of recent years, successful REIM managers are discovering that...

6 Key Tips for 2026 Assurance Planning

We look at some less obvious risks and assurance themes to help shape your planning for the year ahead, plus reflections on what stood out last year.

Cyber security in 2026

Cyber security in 2026 is defined by rapid innovation, evolving threats and shifting regulations. Organisations must prepare for a future where resilience and adaptability are paramount.

Crypto shift 2025: impact on UK Asset Auditors

2025 sees the crypto narrative shifting fast from speculation to integration. Regulation, innovation, and institutional adoption are converging to make digital assets a serious consideration for asset managers. For asset managers, it means new products, stronger infrastructure, and greater compliance and oversight – and for auditors, it means rethinking how assurance is delivered in a rapidly evolving...

Sale of mhance to Silvertree Equity

Our Deal Advisory M&A team are delighted to announce that it advised on the Better Capital and Management on the sale of mhance to Silvertree Equity.

Understanding Basel 3.1

On 1 January 2027, the Prudential Regulation Authority (PRA) is implementing the biggest changes to the capital regime for banks in over a decade. This reform package is commonly known as Basel 3.1.

Section 166 - Skilled Persons Reviews

We assist firms with compliance assessments and responding to regulatory enquiries, offering support through Skilled Person delivery and remediation to manage Section 166 (s166) reviews effectively.