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Insights from Pro-Manchester's FinTech & Regulation Event: Cracking the Compliance Code

Learn about the latest trends, challenges, and opportunities in the financial services industry discussed by industry experts at Pro-Manchester's FinTech & Regulation event.

Kyra RichardsPosted: February 28, 2024

The financial services industry has significantly shifted in recent years, with new technologies and regulatory changes transforming the landscape. Against this backdrop, Pro-Manchester hosted a thought-provoking event called "FinTech & Regulation: Cracking the Compliance Code", which brought together a panel of experts to discuss the latest trends, challenges, and opportunities in the industry. This event was a huge learning opportunity, with the panellists including Wayne Scott of NCC Group, Lee Stretton of Monevo, and Luke Stubbs of Shoosmiths, who all shared their insights and knowledge on some of the most important topics in the industry.

One of the most interesting discussions centred around consumer duty, a key part of the Financial Conduct Authority's (FCA) mandates to ensure financial service providers deliver the best customer outcomes with the recently implemented Consumer Duty regulations.  Our CIO, Lee Stretton, highlighted the challenges of this goal and how a consumer credit platform like Monevo can help customers compare multiple products quickly and easily whilst only showing products to consumers that they are likely to be accepted for.

A recent development in the consumer credit industry to support this is the use of eligibility ratings. For example, some consumers could be rejected by mainstream high street lenders if they don’t meet their credit criteria, be it a credit card, loan or car finance.  Platforms like Monevo allow consumers to do one search and see the products for which they are eligible, therefore enabling an informed decision instead of potentially wasting time making multiple applications to credit providers where they might not be accepted. Monevo works with a panel of credit providers to ensure the eligibility ratings are accurate. With Monevo, customers can receive pre-qualified personal loans and credit card offers from over 150 lenders and banks globally.

The panel also looked at Operational resilience, from complying with the new DORA Directive in the EU and the PRA SS2/21 risk management regulations. Lee explained that Monevo sees this from both sides as they sit in the middle of the supply chain. He emphasised that most operational resilience requirements can be considered good practice or common sense.  Managing third parties is a key part of this, especially those who are a key part of your business strategy, for example, hosting companies or data providers.

It is essential to manage and mitigate risks by having robust processes in place, for example, having a plan in case you need to switch suppliers, mitigating the risk of information security incidents, and notifying relevant authorities if subjected to a threat, whether successful or not.

Overall, the event was an eye-opening experience that highlighted the challenges and opportunities facing the financial services industry today. The panellists provided valuable insights into the latest trends and technologies and the importance of compliance and operational resilience. As the industry continues to evolve, it is clear that companies that stay abreast of the latest developments and embrace innovation will be well-positioned for success in the years ahead.

Kyra Richards

Kyra has an extensive background in marketing, having worked in the industry for over 10 years. She has experience in film, as well as the tech, travel, and real estate sectors in both the US and UK. Kyra is responsible for overseeing Monevo's global brand, communications, and marketing efforts.

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