Banking and Building Societies Update

Welcome to our quarterly Banking & Building Societies update, providing you with a summary of the key regulatory developments and emerging business risks relevant for all banks, building societies and (where flagged), alternative finance providers ( peer-to peer lenders, card providers, E-money services providers and debt management companies).

Our FS Advisory Services team work with a broad range of banks and building societies as internal auditors and advisors, giving us extensive perspective on the issues facing the sector and what they mean for your business. The insights provided are aggregated across our in-house research, client base and the Regulators and professional bodies, including the Chartered Institute of Internal Auditors (CIIA), to support your audit plans and wider business activities.

In our latest update covering Q2 2025 we explore:

  • The regulatory grid and what is on the regulatory change horizon
  • The National Crime Agency’s 2025 National Strategic Assessment of Serious and Organised Crime
  • The Government’s R&D tax relief consultation on advanced clearances
  • The IIA’s Cybersecurity Topical Requirement
  • Driving quality in internal auditing by Harnessing the power of EQAs
  • Confronting Non-Financial Misconduct in Financial Services
  • Navigating the future by embracing change in risk management
  • What has happened in the first year of the Anti-Greenwashing Rule
  • Supreme Court judgements and the Implications for motor finance and beyond
  • The PRA’s proposals for new climate risk management expectations for banks and insurers
  • The PSR/FCA merger and what it means for the payments sector and beyond. 


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We hope this pack provides value to you and your colleagues; please do share with us any feedback you may have for future editions.

You can find more information about our internal audit and advisory services to the banking sector here. Please do not hesitate to contact Paul Gilbert or your usual BDO contact if you have any concerns or questions relating to anything highlighted in our updates.

Previous editions 

In this edition you will find:

  1. Recent Information Commissioners’ Office enforcement action
  2. Auditing Diversity Equity and Inclusion and Socio-Economic Diversity
  3. What is the UK Green Taxonomy Consultation?
  4. Reminder: New Failure to Prevent Fraud Offence
  5. 2024 Deals Overview: Steady Growth facing Market Challenges
  6. The Motor Finance Industry is facing a challenging 2025
  7. PRA Priorities for UK Deposit Takers and International Banks.

November and December

In this edition you will find:

  1. Consumer claims for undisclosed motor finance commission
  2. Three takeaways from the United Nation’s COP 16
  3. Information sharing measures in the Economic Crime and Corporate Transparency Act 2023
  4. New Failure to Prevent Fraud Offence
  5. VAT Document for “Internal Controls”


October

In this edition you will find:

  1. Dear-CEO letter on APP fraud reimbursement
  2. Internal Audit-led penetration testing
  3. Nature related financial risks
  4. Appointed Representatives
  5. Corporate Governance

September

  1. Technology, Cyber Digital and Data
  2. ESG and Sustainability
  3. Economic Crime
  4. Prudential Regulation
  5. Governance, Risk and Conduct
  6. Tax Governance


  1. Motor Finance Update
  2. The King’s Speech: What’s next for FS firms?
  3. ESG Update
  4. Assessing the effectiveness of the Second Line
  5. Data Protection Update
  6. Economic Crime Update

June

In this edition you will find:

  1. AI Update
  2. ESG Update
  3. ECA Update
May

In this edition you will find: 
  1. Changing Perspectives transitioning from HoIA into AC Chair 
  2. ESG Update 
  3. Consumer Duty Update 
  4. Consumer Credit Update 
  5. Digital Update 
  6. Economic Crime Update 
  7. Internal Control Frameworks

In this edition you will find: 
  1. FCA Business Plan 
  2. Treatment of Vulnerable Customers 
  3. Data Protection Update 
  4. ESG Update 
  5. Economic Crime Update 
  6. Digital Update

March 2024

In this edition you will find:

  1. Non-Financial Misconduct
  2. Consumer Duty Update 
  3. ESG Update 
  4. Economic Crime Update


January & February

In this edition you will find:

  1. 2024 Global Internal Audit Standards
  2. 2024 Regulatory Priorities
  3. AI in Financial Services
  4. ESG Update
  5. Data Protection Update
  6. Tax Update - R&D
  7. Economic Crime Update
  8. Motor Finance Complaints

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