NED Briefing 2022

The role of the non-executive director (NED) and independent non-executive director (iNED)

Cost of Living Crisis and the FCA’s Consumer Duty

As the last two years have affirmed, stable and effective leadership in a time of crisis is fundamental to a firm’s ability to successfully navigate the inevitable challenges, as well as opportunities that these periods bring. From global pandemics to the cost-of-living crisis, NEDs and iNEDs play a vital role in guiding their organisations through live challenges, as well as preparing them to manage, or in fact mitigate a crisis.

This event will cover the cost-of-living crisis together with the FCA’s Consumer Duty and the role of NEDs/iNEDs. In particular, key considerations to prepare for or navigate a crisis and the FCA’s expectations of the role that the financial services industry plays to help consumers manage their personal finances.

The event will also facilitate the opportunity for networking with peers from across the industry.

15:00-15:30 Registration, Refreshments and Networking

15:30-15:40 Welcome

Pauline Hawkes-Bunyan, Director, Business: Risk & Resilience, The Investment Association

15:40-15:50 Economist’s Perspective on the UK Economy
The UK economy has seen a turbulent 2022 so far, with policy and economic fundamentals changing at pace. Indeed, the whole world is in a very different place, politically and economically, compared to 12 months ago. We will look at what the outlook is for the UK economy and UK consumers, the direction of travel and what that economic context could mean for the investment management industry.

Tom Robinson, Partner, BDO UK LLP

15:50-16:00 Regulatory Perspective on the Cost-of-Living Crisis
The FCAs new Consumer Duty is now being implemented by firms at a time of significant and fast-moving change in markets for consumers.  We will look at how the cost-of-living crisis and new consumer duty are being addressed by regulators in this difficult environment.  We will also look at regulators expectations of Boards in implementing the Consumer Duty and some of the key questions for Non-executives. BDO is working with a wide range of clients on these topics and can provide insight on questions being raised.

Alison Barker, Special Adviser on Regulation, BDO UK LLP

16:00-16:10 What Now for NEDs?
It is clear that the FCA expects a strong board and non-executive director focus on the design and successful implementation of the consumer duty across the industry. We will discuss how the FCA’s consumer duty expectations fit into the wider legal and regulatory responsibilities of NEDs, what specific additional responsibilities the Consumer Duty Champion may be expected to fulfil and, perhaps most importantly, some of the key things that NEDs should be considering as they scrutinise and challenge how well the consumer duty requirements are being met and fulfilled by their firms.

Sara Cody, Counsel (Knowledge), Linklaters LLP
Nikunj Kiri, Partner, Linklaters LLP

16:10-16:55 Panel Discussion

Moderator: Pauline Hawkes-Bunyan, Director, Business: Risk & Resilience, The Investment Association

• Alison Barker, Special Adviser on Regulation, BDO UK LLP
• Sara Cody, Counsel(Knowledge), Linklaters LLP
• Nikunj Kiri, Partner, Linklaters LLP
• Tom Robinson, Partner, BDO UK LLP

16:55-17:00 Closing Remarks

Pauline Hawkes-Bunyan, Director, Business: Risk & Resilience, The Investment Association

17:00-18:00 Networking Drinks Reception

In order of programme appearance:

Pauline Hawkes-Bunyan, Director, Business: Risk & Resilience, The Investment Association

Pauline is the ExCo Director responsible for the Business: Risk & Resilience Team at The Investment Association (IA): supporting IA member firms on policy issues that impact on firms and on regulatory change more generally. Key current areas of focus include the FCA Consumer Duty and the Financial Services & Markets Bill.

Pauline has spent more than 20 years in the investment management industry seeing industry opportunities and challenges from adviser, in-house and trade body perspectives. Prior to joining the IA, Pauline was a Director at Aviva and Financial Services Partner at Deloitte.

Tom Robinson, Partner, BDO UK LLP

Tom co-leads BDO’s Economic Consulting capability in the UK. He is an economist with detailed knowledge of econometric techniques and economic and finance theory, with a focus on the quantification of losses and the valuation of businesses. Tom specialises in competition economics and the quantification of damages arising from anti-competitive conduct and, alongside this specialism, has a particular focus on economic and econometric issues in the financial services sector. He has advised clients on risk, regulatory and other matters in a wide variety of sectors, including financial services, telecommunications, hospitality, energy, transport, logistics and shipping.

Alison Barker, Special Adviser on Regulation, BDO UK LLP

Alison has recently joined BDO as a Special Adviser on Regulation in our Financial Services Advisory practice. Alison has been leading our work on the new Consumer Duty based on her recent regulatory experience. Alison is a regulatory expert with deep understanding of the UK financial regulatory regimes and approach. Prior to working at BDO, Alison spent over 12 years at the FCA and was a Director in Supervision. Previously, Alison was in senior roles in KPMG’s regulatory practice and at TSB Life, Pensions and Unit Trust Companies. Alison is also an Independent Non-Executive Director at the Consumer Codes Approval Board.

Sara Cody, Counsel (Knowledge), Linklaters LLP

Sara is a Knowledge Counsel specialising in UK contentious regulatory work. She has experience of all aspects of regulatory enforcement work and has written extensively on both FCA/PRA enforcement decisions and UK, EU and global enforcement trends. Her technical expertise means she is frequently called upon by clients to design and deliver bespoke training on the FCA and PRA enforcement process and investigations skills, providing innovative solutions to enable them to respond effectively. Sara has a particular interest in assessing developments in regulatory enforcement and the law of privilege in the context of investigations work and assists clients in navigating the practical implications of legal change in this context. She also regularly works with trade bodies and firms responding to FCA and government consultations concerning proposed changes to regulatory policy.

More recently, Sara has developed a particular technical expertise in the FCA’s new Consumer Duty, advising and assisting firms on implementation and leading Linklaters podcasts and webinar series analysing the proposals across a broad range of perspectives.

Nikunj Kiri, Partner, Linklaters LLP

Nik is a partner in the Financial Regulation Group in London. Nik advises banks, broker-dealers, insurers, asset managers, wealth management firms and listed companies on regulatory and compliance matters, with a particular focus on contentious regulatory and compliance risk management issues.

Nik’s work covers a diverse range of topics, from all aspects of senior management responsibility, governance and risk management frameworks to regulatory reporting, conflicts of interest, insider dealing, market abuse, client money, fair treatment of customers, suitability and appropriateness, complaint handling and other conduct of business issues. Nik also advises listed companies and their advisers on disclosure obligations and the LR 8 sponsor regime.

Interested in partnering with us on this event? Get in touch

Kindly hosted by

BDO LLP is the fifth largest global accountancy and business advisory firm, proving integrated advice and solutions to help businesses navigate a changing world. Financial Services is a core sector within BDO’s national and global business providing audit, assurance and advisory services to a range of clients including large international financial institutions to AIM listed companies, new entrants and innovative challenger brands. Our Financial Services team has 800 specialists in the UK alone specialising in Asset Management, Banking and Alternative Finance, Capital Markets, Insurance and Technology, and is part of a global Financial Services practice with operations in all major financial centres.

The previous NED Briefing was held on Wednesday, 9 March 2022. Please find the programme from this event below:

15:00 Registration and refreshments

15:30 Opening remarks

Pauline Hawkes-Bunyan, Director, Business: Risk, Culture & Resilience, The Investment Association

15:40 Keynote

Nike Trost, Head of Department - Asset Management and Pensions Policy, FCA

15:55 Presentation - ESG and D&I - How to make a sustainable change

Sarah Hitchins, Partner, Allen & Overy
Robbie Sinclair, Partner, Allen & Overy
Marc Teasdale, Managing Director, Allen & Overy

16:25 Panel

Moderator: Pauline Hawkes-Bunyan, Director of Business: Risk, Culture & Resilience, The Investment Association
Sarah Hitchins, Partner, Allen & Overy
Marc Teasdale, Managing Director, Allen & Overy
Nike Trost, Head of Department - Asset Management and Pensions Policy, FCA

17:00 Drinks and Networking

18:00 End