ICAEW.com works better with JavaScript enabled.

A Christmas message from Faculty Head Philippa Kelly

Financial Services Faculty Head Philippa Kelly reviews a challenging year for all and sets out a plan for 2021.

Dear Financial Services Faculty members,  

When we relaunched as a digital service in January this year, little did we know how appropriate that approach would be for a time when many of us have been working from home for durations we would never have anticipated.

It is hard to underestimate the challenges and juggling acts (childcare, supporting friends and family who may have been shielding, supporting colleagues and dealing with our own feelings of isolation and frustration, as well as the effects on those who may have been unwell) that we have managed this year, when the financial services industry already faced a full agenda.  

The pandemic has emphasized the role the Faculty must play in helping members deal with uncertainties whether it be in reporting, auditing, business models or regulatory approaches. Our active membership on our committees and working groups – from IFRS 17, to LIBOR transition to meeting with senior regulators to discuss the impact of the pandemic – have stepped up to more frequent meetings and difficult discussions to help us find a way forward and we are incredibly grateful for their time and energy in doing so.

If you are interested in becoming more involved with Faculty, we would love to hear from you, and you can get in touch at fsf@icaew.com.  

Amidst this, we have delivered a more inclusive programme of activity including the ability to hold roundtable discussions and events with members from Greece, Cyprus, Singapore and the Middle East alongside our regular programme of committees and working parties which have traditionally been more focussed on the UK. Our move away from print has opened up access to our material, and happened to coincide with ICAEW’s move to go carbon neutral. 

It has also given us an ability to be more responsive to member needs and preferences. We have experimented with new topics and approaches, and we are grateful for both your praise and your constructive feedback in these endeavours. 

Our plans for next year include: 

  • A wider suite of resources and insights on ESG considerations and requirements for financial services firms  
  • A continuation of the IFRS 17 Discussion Group as endorsement and the effective date draws closer (Insurance members only)  
  • Further developments around payments services assurance (supported by our Corporate member firms, PwC, Deloitte, KPMG, EY, BDO, GT and Mazars) 
  • Guidance on the forthcoming climate stress test 
  • Continued support and engagement on IFRS 9 as the economic effects of the pandemic play out 

We will also continue to support the wider ICAEW membership with IBOR transition support and guidance and support around government backed loan schemes.  

I do hope you are all able to take time to rest and relax over the next weeks. Thank you for your supporting the Faculty during 2020. We look forward to bringing you more insights, guidance and events in 2021 as well as continuing our relationships and engagement with regulators, standard setters and firms across the industry.  

Wishing you healthy and happy festive season and 2021, 

Philippa