Round Two - Managing the next set of risks, rules and requirements

Wealth Management and Private Banking

16 November 2023

Consumer DutyESGManagementMeeting of MindsRegulationTrainingWealth Management and Private Banking

Expert: Dr. Anthony Kirby, Partner- Risk and Regulation, EY Facilitator: Roopalee Dave, Partner - UK Wealth Management Lead, EY


  1. The main challenges firms face are interpreting vague or unclear regulatory expectations, collecting meaningful management information, balancing commercial objectives with regulatory obligations, managing legacy technology constraints, and standardising fee structures and client service models across acquired businesses

The discussion covered several key topics related to financial regulation, including upcoming regulations like Consumer Duty, preparing for sustainable finance disclosure requirements, operational resilience, governance expectations, fighting financial crime, vulnerable clients, technology solutions, and diversity and inclusion.

The group discussed the importance of governance, accountability, skills training, product suitability, customer service, and using technology to improve efficiency and manage costs while still delivering value to clients. They also talked about managing different regulations across jurisdictions for international clients, simplifying client onboarding, and ensuring inclusive workplace cultures.

Key takeaways:

  • Review product offerings and fee structures to ensure suitability and fair value for different client segments in light of Consumer Duty
  • Evaluate your ESG taxonomy and data collection processes to prepare for new sustainable finance disclosure regulations
  • Conduct an operational resilience impact assessment to identify critical operations, assets, and potential vulnerabilities
  • Assess governance structure and processes to ensure active board oversight and productive engagement with senior management
  • Upgrade staff training programmes to cover new financial crime risks like cyber-attacks and fraud
  • Implement staff training on identifying and supporting vulnerable clients across domains like health, life events, and capability
  • Explore technology solutions like client portals, digital tools, and data analytics to drive efficiency, manage costs, and add value
  • Review recruitment and workplace practices to ensure your culture promotes diversity, equity, and inclusion