Within the UK, banks and building societies are subject to considerably regulatory expectation and scrutiny. We collaborate with our clients to assist them with navigating the complexities of the PRA and FCA’s regulatory expectations, providing the following service offerings to help them navigate the different stages of the PRA and FCA supervisory lifecycle from building a bank, through to BAU “running the bank” and any change management:

"Build the bank”: establishing a fully compliant, operational and commercially viable bank:

• Regulatory engagement, including advising on business models, preparation of materials for specific PRA / FCA meetings and advising on responses to questions arising.
• Regulatory design, including advice on framework design for: governance, risk management, financial resources and operating model.
• Drafting of the Regulatory Business Plan for submission to the PRA and FCA.
• Assistance with the final application, including prudential documents (ICAAP, ILAAP etc), Risk Management Framework, Compliance Manuals and the Form As underpinning the SMF application.

“Business as usual”: ensures ongoing compliance with evolving regulations:

• Governance and Board oversight, including Governance / Board effectiveness reviews, SM&CR implementation, including SMF interviews and Senior Management Preparation for supervisory visits.
• Risk and Compliance Frameworks: assistance with design and implementation of the Risk Management Framework, the Conduct Risk Framework and Consumer Duty support post-implementation. 
• Regulatory and Compliance assurance, including: compliance monitoring and internal audit plans, prudential support, regulatory reporting and advice on Past Business Reviews and remediation. 
• Operational risk and resilience, including operational frameworks, third party risk management and outsourcing arrangements.

Change management: supporting with structural / organisational change and events:

• Regulatory applications and approvals, including transactional support, Variation of Permissions and Change in Control applications. 
• Incident / event management, including preparation for ad hoc or thematic regulatory visits, shadow or Skilled Person reports, Regulatory Investigations and assistance with supervisory correspondence and intervention. 
• Regulatory change and training: implementation of upcoming regulatory change and delivery of Senior Management training.
• Going / gone concern, including assistance with recovery and resolution planning, as well as Solvent Exit Planning.