The cost-of-living crisis – what Financial Services NEDs need to know
The cost-of-living crisis – what Financial Services NEDs need to know
With the rate of inflation forecast to go as high as 13%, the downturn already looks like it will run deep, although for how long is still unknown.
The latest Financial Stability Policy Summary issued in June 2022 by the Financial Policy Committee projects an outlook of considerable uncertainty. Somewhat more optimistically, the BoE Monetary Policy Committee (May 2022) expects inflation will be back within 2% in the next two years. However, that may be too long for many consumers. With heightened regulatory pressure firms need to be prepared to ensure good outcomes for an increased number of customers in financial difficulty.
Our briefing pack helps NEDs understand the prevailing conditions their firms are facing, with practical thoughts on how they might lead them through this challenging time. Our publication includes an economic analysis as well as hot topics from our Regulatory Conduct, Risk and Governance, and Internal Audit teams.
Read the full briefing to find out:
- the key challenges facing financial services firms in the current downturn
- practical thoughts for NEDs on how they might lead firms through this challenging time
- economic analysis and our insights on the economic outlook
Financial Services Non-Executive Director Programme
Being a non-executive director (NED) is tremendously rewarding. Nonetheless, regulatory requirements and the pace of change make the role challenging. Media attention on executive pay, shareholder activism and governance issues mean the role is also becoming more high profile.
We invite you to join BDO's NED community, which includes a dedicated Financial Services sub-group. Being a part of this community will allow you to meet other NEDs, learn about technical and industry matters, and increase your effectiveness and influence on Boards. Our Financial Services NED community who join us from banks and alternative lenders, asset managers, insurers and capital markets firms will meet regularly. The group will enjoy unique private dining experiences and explore what’s important to you.
For more information, please contact Sasha Molodtsov.