Looking back at 12 years of FS Focus
We chart the history of the magazine, including some of its more amusing moments
Since its inception 12 years ago, FS Focus has covered a wide-range range of topics. Many covered in 2007 and today are hearteningly, and depressingly, familiar. Some topics come up time and again, such as accounting for credit losses, client money, Solvency II and the insurance contracts project. Others reappear years later, such as the accountability of NEDs and Bitcoin.
2007
The launch issue of FS Focus had a cover price of £15 and was 23 pages long. Sadly, there were no female contributors, but this improved with the second issue, which was 50:50. Key topics at launch included Solvency II and MiFID – some things never change! Other highlights this year included the FSA announcing work to improve standards in the sale of PPI and the IASB preparing to engage on insurance contracts accounting. Surprisngly, in the light of what was to come, £490k was considered a “hefty fine” from the regulators. But the big question was “what should be done post-Northern Rock?”. If only we knew.
2008
Despite the emerging financial crisis, FS Focus wasn’t just about hard-hitting news. In 2008, it reported that Sir Michael Parkinson, then a “recently retired chat show host”, would be promoting the AXA Sun Life Direct Guaranteed Over 50 Plan.
Inspiring Confidence in Financial Services was launched, focusing on the key themes of Better Regulation, Better Information, Responsible Providers and Responsible Consumers. On the services front, members were reminded that they could request to be posted a copy of any Technical Releases, as these were not then available on the website.
2009
Robert Hodgkinson, ICAEW executive director of technical strategy, and John Hitchins, chairman of the Financial Services Faculty’s Banking Committee and a partner at PwC, were among a number of senior industry figures called to give oral evidence to the Treasury Select Committee at the House of Commons in January.
Amid analysis of the credit crisis, the magazine covered ethical investment and financial planning for couples for the first time in 2009. This year also saw the first paid-for advertisment in the magazine.
2010
ICAEW’s head of sustainability, Richard Spencer, wrote about the launch of the Finance Lab, later to become the Finance Innovation Lab. The faculty’s website started to become a key part of how we kept members informed.
The magazine added five extra pages, and the Alternative View and Unfocused features became regulars. Coverage of the Walker Review expressed the common concern that increasing pressure on NEDs would reduce their numbers. We would hear the same concerns years later with the introduction of the Senior Managers and Certification Regime.
2011
Career development and management articles were added to the magazine content through this year.
Banking remained very much the focus throughout 2011, with CoCos, the Vickers Report of the UK Independent Commission on Banking being published and the sovereign debt crisis attracting plenty of coverage.
2012
The magazine was completely redesigned and relaunched in February 2012.
“Tweeter of the Month” was a short-lived regular feature from October 2012. The role of internal audit, the effects of quantitive easing and the hopes for the Enhanced Disclosure Taskforce were all key topics throughout 2012.
2013
The magazine launched its ‘Restoring Trust’ campaign with a series of articles looking at how to rebuild the reputation of the sector following what would become known as the conduct crisis.
There was also early coverage for Brexit. “Experts have predicted a gloomy future for the City of London if the UK chooses to leave the EU after the referendum promised by David Cameron, should he be re-elected in 2015.” And six years later, here we are.
The magazine explored the “three-bucket approach” for loan-loss provisioning and profiled Bitcoin for the first time, while cyber security became a regular topic.
2014
The magazine got a further design update in 2014, with a cleaner and more subtle look. Professionalism, including the idea of criminalising executive misconduct, and culture were key topics this year.
The faculty’s technical work on benchmarks assurance and reform featured heavily throughout the year, foreshadowing the attention given to LIBOR replacement today. And the vital topic of assurance on banking regulatory ratios and risk-weighted assets was explored for the first time.
The magazine covered the need for greater protection for SMEs and for the creation of the role of “chief data officer”, both hot topics five years on.
2015
This year saw a less banking-centric magazine, as other areas came to the fore, including the existential threat to insurance from increasingly personalised data, the challenges of Solvency II and MiFID II.
The word “innovation” appears frequently. Robo-advisers are covered for the first time. Helena Morrissey wrote about the need for more women on boards, while strategies for evaluating risks related to climate change were covered in Alternative View.The magazine covered how the industry was moving on from PPI. Just not quite yet.
2016
January 2016 marked the 100th issue of the magazine, which increased from 28 to 36 pages with the introduction of new features such as The Big Idea and People in Focus.
Two financial services specific modules – banking and insurance – were added to the ACA qualification. Fintech got plenty of coverage – cynical and otherwise – including a Fintech special edition early in the year. Our work on conduct and culture became a key area of focus and pension freedoms remained hotly debated. The potential impact of the referendum result were closely analysed in the final quarter of 2016. Personal Financial Planning left the Faculty and was set up as an ICAEW Community.
2017
Transformation and skills came into focus as fintech and Brexit dominated discussion.
We looked at how bank fines of recent years (including the $60bn collected by the US Department of Justice) could be put to good use.
David Smith, economics editor at The Sunday Times, began his contribution of a monthly column to the magazine. ICAEW’s new brand was launched, along with a new look for the magazine.
And one era ended, as faculty founder Iain Coke stepped down. Philippa Kelly was lined up to replace him after she returned from maternity leave in 2018.
2018
The year 2018 opened looking at what the industry needed to do to attract and retain more female employees and customers.
Culture remained key, including financial crime, whistleblowing and practical aspects of culture, such as dealing with harassment and bullying. All featured more in the magazine as the industry confronted its #MeToo moments, which also extended into 2019. Brexit pressures started to increase.
2019
2019 sees the 143rd and last print issue of the FS Focus, which will be replaced by the online Banking Focus, Insurance Focus and Investment Management Focus next year.