How Financial Regulation is Evolving: Insights from the Beyond The Capital Podcast
OUT NOW: Beyond The Capital from SuperTech WM has launched a special four-part podcast series about the Financial Regulation Innovation Lab. SuperTech has partnered with Fintech Scotland for the Lab, which is an industry led collaborative research and innovation programme, helping to shape the future financial regulation in the UK.
Join presenter Hilary Smyth-Allen as speaks to a wide range of guests from across the programme exploring the impact of Consumer Duty on the financial services sector and their experiences within the FRIL programme.
First up is Lorraine Breese-Price, the Chief Customer Officer of Dudley Building Society in episode one. They discuss the challenges and opportunities that Consumer Duty poses for building societies, including: the alignment of Consumer Duty with the mutual ownership model, the challenges of legacy systems within building societies and how building societies’ focus on ethical values can attract younger customers.
Episode two sees the conversation focusing on the roles of credit unions in the context of Consumer Duty and the integration of technology to enhance services for vulnerable customers. Helen Toft, a Non-Executive Director at Advance Credit Union in Birmingham, and Elizabeth Campbell, the General Manager at Castlemilk Credit Union in Glasgow, share their experiences and insights on the challenges faced by credit unions, the importance of collaboration with FinTech's, and the need for innovative solutions to improve customer journeys. They emphasise the intrinsic alignment of consumer duty with credit union values and the potential for technology to enhance accessibility and support vulnerable members.
In episode three we are joined by experts Ben Hampton, CEO of Wealth Wizards, and Professor John Finch of Glasgow University, where John is the lead for the Financial Regulation Innovation Lab project. They explore how the Consumer Duty aims to improve customer outcomes, the challenges faced by consumers in accessing financial advice, and the importance of engaging younger generations like Gen Z. They also discuss the potential for innovation within the regulatory framework and the impact of technology, including AI, on the future of financial services.
Concluding with episode four, Rachel McGowan, CTO of Moneyline, discusses the impact of Consumer Duty on Community Development Finance Institutions (CDFIs) - how the role of CDFIs in providing financial services to low-income households, the alignment with Consumer Duty regulations, and the importance of collaboration with FinTech's to improve customer outcomes. Rachel shares insights on the challenges faced by financially excluded customers and the innovative solutions being developed to address their needs.
Listen to the full series here.
