The move into regulatory consultancy is based on Finch’s experience of working with major banks and building societies to develop high profile new businesses – including on-line banking products - as well as steering work on areas such as group reorganisation, capital raising, product development and strategic planning.
“Regulatory consultancy is a totally new type of offering – there is nothing like it in the market at the moment,“ says Finch. “Traditionally, lawyers focus on compliance around regulation and management consultants advise on strategy. We offer a fusion of the two viewpoints, that is helping our clients to spot the new business opportunities that are often concealed within regulation change,” explained Finch.
“Regulation is so central to the workings of all financial institutions, but many see regulation as what stops them from doing things. My experience has been taking regulatory change and looking at how it can be turned on its head to create innovative new products, or structures that help businesses compete. Regulation can definitely be good for business if you have an open mind,” Finch said.
Finch is also advising clients on issues such as fair treatment of consumers, financial literacy and a range of compliance topics from accessibility of websites, through to staff training and the marketing of financial products.
To help mortgage lenders prepare for regulation change, Ruth Finch is running a series of mortgage regulation workshops around the UK targeting lenders, to help them identify the opportunities that new regulation might bring for the industry.
“At the events I will be focusing on key practical issues and drawing on my experiences of dealing with the FSA on breaches, as well as applications and new business development. I will also be looking at how the FSA’s consultation papers are being adopted in practice and reviewing the FSA's approach on compliance issues,” explained Finch.
Key areas that will be covered are:
- How to deal with the FSA in making an application
- Which compliance issues should take priority in any mortgage regulation compliance project
- The need for staff training and competence arrangements, even where no advice is being given
- The timescales for putting in place competency frameworks
- Assessing staff as to competency
- Programmes for meeting reporting and notification requirements
- Managing disclosure documentation to be provided to potential borrowers
- Financial promotions, including website compliance
The events are running in Leicester on 3rd October, Manchester on 7th October and London on 8th October. For further information, contact 020 7341 3963 or email [email protected]
