2018 edition of ICAEW’s guidance for skilled persons conducting reviews (s166 and s166A reviews) for the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and the Bank of England.
Inspiring Confidence in Financial Services
ICAEW's Inspiring Confidence campaign explores the issues affecting consumers and financial services providers in a rapidly changing world.
Banks, insurers and investment managers play vitally important roles within society, to encourage economic development and allow individuals and businesses to save, invest, insure and make payments. We must have confidence in them. Responsible providers, responsible consumers, better regulation and better information underpin this confidence.
Our campaign has explored big issues including:
- Will big data mean the end of the traditional insurance business?
- Does bank audit meet the needs of society?
- How should investment management change to help avoid a devastating savings gap?
- Has financial services forgotten its social purpose?
To find out more about the campaign, please read the Inspiring Confidence in Financial Services prospectus and read our reports below.
Following the 2008 global financial crisis, the financial services industry has come under intense scrutiny. Firms need to boost trust, create socially responsible products and prevent future financial crises. In its latest publication, Culture and purpose in financial services, the Financial Services Faculty recommends actions that the industry, boards and ICAEW Chartered Accountants should be taking.
More than half of people aged 21–30 have no pension or make minimum contributions. Despite this, investment managers are not successfully encouraging people to save. In this Audit insights report, external auditors and ICAEW specialist staff explore whether the investment management industry is fit for purpose and use their expert knowledge to identify what changes need to be made.
A report from the Financial Services Faculty on IFRS 9
In July 2017, ICAEW's Financial Services Faculty brought together key stakeholders from the investor and analyst communities so that they might understand the respective challenges faced by banks in preparing IFRS 9 expected credit loss provisions.
Briefing paper from the Financial Services Faculty.
Briefing paper from the Financial Services Faculty for a non-technical audience.
ICAEW’s guidance provides a flexible framework for both internal and external assurance on banking regulatory ratios.
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.
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.