Mortgage regulation: conduct yourself well conference
7 February 2017
|Time:||9:30am – 4:00pm|
|Venue:||Leeds Marriott Hotel, Leeds|
|Price:||£385 (VAT exempt) members|
|£385 (VAT exempt) associates|
|£505 (VAT exempt) non-members|
About this event
Both conduct and prudential regulation affect the mortgage industry on a daily basis, but this doesn't have to be for the worse. This year's regulation conference explored successful strategies for integrating regulation into lending processes, updates on the latest Financial Conduct Authority (FCA) reviews and prudential regulation changes, plus sessions on the legal aspects of regulation, such as competition law and record keeping.
- What's next in conduct regulation?
- Treating customers fairly
- Competition market study
- Legal implications of regulation
- Record keeping: efficiency, digitisation and avoiding complaints
- Senior managers regime
This event was aimed at:
Those working in compliance, risk or regulatory affairs and anyone with an interest in the monitoring, implementation or assessment of regulation in the mortgage industry.
A full programme for the day is available on the programme tab.
Takeaways from the event:
Competition market study
The FCA’s competition objective is to promote competition in the interests of consumers.
- Safeguards free and fair competition between businesses
- Ensures businesses act independently of each other and create a level playing field, creates competitive markets with:
low barriers to entry, efficient allocation of resources, innovation, lower prices and more choice, and a better deal for customers and consumers.
A market study is used to
- See how well competition works in financial markets for consumers
- Assess whether the FCA should intervene in the interests of their users
There are two broad questions focusing on demand and supply issues:
- At each stage of the consumer journey, do the available tools (including advice) help mortgage consumers make effective decisions?
- Do commercial arrangements between lenders/brokers/other players lead to conflicts of interest/misaligned incentives to consumer detriment?
Recommended practice would be to:
- Introduce best practice when it comes to ongoing risk-based sampling
- Establish the key customer outcomes you are looking to evidence, aligning it to your conduct risk strategy
- Map the end-to end customer journey
- Understand what a good outcome looks like
FCA mission statement
The FCA was created in 2013, in the aftermath of the banking crisis. One of its main focuses was to be on conduct regulation within the mortgage industry.
Conduct regulation in the mortgage industry has evolved through:
- Rules based regulation
- Principles based regulation
- Outcomes focused regulation
The FCA is now 4 years old and there have been four conduct scandals in that time. There is a need to adapt to the changing face of the financial services industry as well as a need to harness innovation in financial services. The FCA could be in danger of ‘sleepwalking into next financial crisis’ if it does not move with the times.
The themes of the FCA mission statement are:
- Supervision, Intervention and Enforcement
- Balance between regulation and public policy
- Consumer protection
- Vulnerable customers
- Transparency and disclosure
- Culture and accountability
Comments made by delegates who attended the event:
- "Simply, completely on point. Focus only on relevant matters and provide assurance that we are all on the same journey facing the same challenges".
- "Provided a whistle-stop tour of regulation relevant to the mortgage market, both recent and upcoming dangers. Really enjoyed hearing about the FCA insight of what they are trying to achieve within the market".
- "Fantastic first CML event. Great coverage of themes and topics, excellent speakers".
- "Great way of building relationships with our peers and discussing common themes. Same really engaging speakers".
**This event was closed to press**
|0930 - 1000||
Registration & refreshments
|1000 – 1005||
Welcome and introduction
|1005 – 1035||
New horizons: An examination of the future of mortgage regulation
|1035 - 1105||
|1105 – 1135||
|1135 – 1205||
Perspectives on the competition market study
|(1135 – 1145)||
The front line
|(1145 – 1155)||
The trade body
|(1155 - 1205)||
|1205 – 1210||
|1210 – 1230||
|1240 – 1340||
|1340 – 1430||
Realities of record keeping
|(1340 – 1355)||
Evidencing fair customer outcomes
|(1355 - 1410)||
Identifying vulnerability and customers in financial difficulty
|(1410 – 1430)||
|1430 – 1500||
|1500 - 1520||Senior Managers Regime
Jamie O’Brien, Senior Manager, Deloitte
|1520 - 1550||
The FCA Mission Statement
|1550 – 1600||
Chair's closing remarks
Chair: Katie Marriott
Head of Compliance, Leeds Building Society
Katie Marriott looks after the Compliance Monitoring and Compliance Projects and Change teams at Leeds Building Society. The teams ensure that regulatory change impacting the Society is identified and actioned, appropriate advisory support is provided where required and that adherence to regulatory requirements is monitored effectively using a risk based approach. Katie works as part of the wider Risk Division leadership team in driving good practice risk management for the Society as a whole.
Prior to taking this role Katie gained over 15 years’ experience across a wide range of financial services roles. She held senior risk and internal audit positions at the Co-operative Bank and also gained many years’ experience across insurance, retail banking and building societies during her time at KPMG.
Principal Consultant, Huntswood
Tracy Auchterlonie has 20 years' experience in retail financial services specialising in regulatory risk, compliance assurance and regulated sales. Prior to joining Huntswood in 2012, Tracy led and managed compliance monitoring teams for the world's largest building society where she was responsible for the design and implementation of the annual compliance plan for retail sales. Tracy's previous experience includes the role of senior compliance consultant providing advice and guidance on compliance policy with a focus on the on-going support and development for sales and marketing across firms’ product suite.
Risk and Compliance Director, Target
Terry Baxter is Risk and Compliance Director at Target Group, one of the UK’s leading financial services BPO organisations. His experience includes working in industry, the regulator and in professional services. As a Director in Grant Thornton UK LLP, he was responsible for leading a large number of Skilled Person reviews.
Commercial Director, RecordSure
Mark Braddock has spent his career in financial services and has performed senior roles at life companies, banks and suppliers to the industry. Mark's role as Recordsure’s commercial director is focused upon the commercial aspects of the business and taking a unique solution to the challenges around the regulatory frameworks governing customer interactions to market.
Partner (Barrister) and Head of Competition, Walker Morris
Trudy Feaster-Gee's practice spans the full range of competition law matters. Prior to joining Walker Morris, Trudy was Head of Competition External Engagement for one the major high street banks, advising the bank on competition regulatory policy and strategy. This included advising the bank on legal and policy issues; liaising on behalf of the bank with competition authorities (both UK and EC), the Financial Services Authority (FSA) now Financial Conduct Authority (FCA), UK Government, Treasury Select Committee and other external stakeholders; and co-ordinating external messaging and events on competition related matters.
Trudy has also advised on the competition law implications of syndicated loans; exclusive agency arrangements for insurance products and mortgages; and corporate transactions, including the acquisition of credit card portfolios.
In addition, Trudy has undertaken a number of secondments, including at DG Competition in Brussels and at the UK Competition Commission (now part of the CMA) supporting primarily the Chairman and Director of Policy on external affairs and competition policy. Her experience allows her to advise on competition matters with a 360 degree perspective.
Managing Consultant, Bovill Limited
Prem Griffith heads up Bovill’s Banking, Lending and Payments team. He joined Bovill in 2014, from the FCA, where he spent 10 years working on waivers, authorisations, approved persons, SIF interviews, banking supervision and mortgage thematic work.
During his time at Bovill, he has worked with a wide range of banking, consumer credit and mortgage clients, along with mock FCA interview coaching, role plays and providing detailed technical advice. Prem is also Bovill’s expert on the new Senior Managers & Certification Regime and has advised a number of our clients in relation to the implementation of the new regime.
Head of the Eversheds Competition, EU and Regulatory Group, Eversheds Sutherland
Ros Kellaway is head of the Eversheds Sutherland Competition, EU and Regulatory Group. She has significant knowledge in the financial services, food, insurance, energy and automotive, as she acts for major companies in these industries. She specialises in cartels, competition investigations, distribution and advice on EU law.
Ros has been recognised for many years as a leading individual in Chambers Guide to the Legal Profession and is currently described in Chambers Europe as an "absolute expert solicitor with a great tenacious style". She is also consistently recognised in Chambers Global, The World's Leading Lawyers and Legal 500.
Partner, TLT LLP
Russell Kelsall is a leading expert on consumer credit and regulated mortgages. He regularly advises lenders on authorisation, documentation, policies and procedures, and complicated recoveries. He acted for the successful lender in Northern Rock (Asset Management) plc v Thakker & Thakker  (the leading decision on the effect of alleged breaches of MCOB).
Head of Compliance, Computershare
Karen Lacy-Roberts is Head of Compliance at Computershare Loan Services where she leads a team of 24 Compliance professionals. She has extensive experience as an approved person in FCA relationship managed firms, UKAR, NRAM and Bradford & Bingley, spanning 7 years as CF10, leading the integration of Risk & Compliance.
Karen is a qualified accountant, holds an MBA with distinction and has completed the Disaster Recovery Institute exams at Master Level.
Senior Manager, Deloitte LLP
Jamie O'Brien is a Senior Manager within Deloitte’s risk advisory practice. He has 10 years’ experience delivering a range of risk, governance and compliance services across the financial services and energy sectors. Over the past 24 months Jamie has helped a range of clients understand and respond to the Senior Managers Regime.
Senior Policy Adviser, Council of Mortgage Lenders
Sue Rossiter has more than 15 years’ experience of regulatory policy development as both a civil servant and in a trade association setting. She joined the CML as a Senior Policy Adviser in November 2015. Drawing on her experience working in organisations including the Financial Ombudsman Service; OFGEM; the Office of the Rail Regulator; and the Remote Gambling Association, Sue specialises in conduct regulation at the CML.
John Seaton is a Director in KPMG’s Risk Practice which includes a focus on compliance co-sourcing, continuous monitoring and compliance automation. John has 20 years experience in financial services with previous process excellence experience in manufacturing and utility sectors. In recent years John has led projects to resolve and improve conduct issues and to improve the efficiency and effectiveness of compliance activities.
John is a Chartered Engineer and a Chartered member of the Institute of Quality Assurance.
Leeds Marriott Hotel
4 Trevelyan Square
West Yorkshire LS1 6ET
Nearest overground station:
Presentations from the day are available below for attendees. Click on the links to download the presentations in pdf format.