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Inspiring Confidence in Financial Services

Advancing thinking and debate

"Inspiring
The Inspiring Confidence in Financial Services campaign debates issues affecting confidence in the financial services sector.

What’s it all about?

The Inspiring Confidence in Financial Services campaign debates issues affecting confidence in the financial services sector.

It develops new insights and ideas by questioning financial services providers, consumers and regulators, how they interact with each other and how the information flows between them.

To find out more about the programme, please read the Inspiring Confidence in Financial Services prospectus.

What we’re thinking about

Our report ‘Audit of Banks: 5 years’ looked at progress that had been made since the financial crisis but we are planning to investigate how the audit of banking needs to evolve.  

The most important number for a bank is its capital ratio but it is not audited.  In 2015 we published a discussion paper that discusses the choices involved in designing an assurance engagement on capital ratios and related information. We propose developing a standard scope for an assurance report to allow different banks to obtain assurance on a consistent basis. An exposure draft will be published in 2016.

Conduct and culture are two challenging areas for financial services firms and we will be working to support our members in this difficult area.  We are holding events to explore what is the best way to improve risk culture and manage conduct risk.  

 

What we’ve done

The Inspiring confidence in financial services initiative has four themes:

 Exploring the actions the financial services sector must take to build trust.

 Examining the extent to which consumers can be reasonably expected to take responsibility for their financial decisions.

Exploring and identifying the context and conditions for better regulation.

Encouraging open discussion around the needs of different users of financial information.

In order to have stable, efficient markets that support consumer interests and sustain wider economic development, it is necessary to draw together these elements.

Over the time of the programme, ICAEW has issued the following reports:
  

What's new

Audit insights: insurance

This report focuses on four challenges facing the insurance sector. It is based on the collective insights of a group of external audit experts, with many years’ combined experience of auditing insurance companies. ICAEW would like to thank BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, PKF Littlejohn and PwC for their contributions to the report.

Audit of banks: 5 years on

This report sought to identify the actions that banks, auditors and other parties could take to strengthen the banking system without the need for legislative or regulatory changes.

Do banks work?

What does the future hold for the financial services industry? ICAEW gathered together influential stakeholders to answer this question.

Solvency II Balance Sheet Review Exercise

ICAEW have worked with the Prudential Regulation Authority to produce an illustrative opinion for step 2 of the Solvency II balance sheet review exercise as well as some potential considerations for step 1 reporting.

Guidance for skilled persons reviews

ICAEW’s guidance to help chartered accountants and other professionals who are asked to report under Section 166 (s166) and Section 166A (s166A) of the Financial Services and Markets Act 2000 (FSMA), as amended by the Financial Services Act 2012 (FS Act).

Assurance: benchmarks and indices

ICAEW’s guidance to assist assurance practitioners engaged to perform work on submission to, or compilation of, benchmarks, indices and independent price reports.

Audit Insights: Banking

The latest report in the Audit Insights series looking at insights from banking audit specialists.

Principles for Good Financial Regulators

The Financial Services Faculty recommends that financial services regulators adopt these principles, recognising that there will be a balance of emphasis between them. Regulators should be clear about the outcomes they are seeking, and against which they should be judged.

Market failures, market solutions

ICAEW’s Financial Services Faculty has published an issues paper which explores the actions the financial services sector must take to build long term confidence.

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