Let’s be honest—when someone says “regulation”, many people in the industry can disengage. But for Bernadine Reese, Managing Director of the Risk and Compliance team at Protiviti, the word sparks enthusiasm, especially with all the changes coming down the line. In a recent IFA Talk podcast, she joined IFA Magazine’s Jenny Hunter and Sue Whitbread to dig into the FCA’s freshly launched strategy for 2025 to 2030—and her message is clear: this is not just another regulatory document. It’s an opportunity.
In Bernadine’s words, “Regulation is definitely not boring—especially at the moment. We’re seeing lots of change, lots of surprises, so it continues to be a fascinating topic.”
Here’s what financial advisers and their firms need to know about the FCA’s strategy and why now might be the perfect time to rethink how they engage with regulation, innovation and the customer experience.
Four big themes
The new FCA strategy isn’t just a tick-box exercise. It’s been designed to align closely with the UK government’s wider ambition to drive economic growth—and that’s something firms should take seriously.
As Bernadine explained, the FCA’s vision “has a clear emphasis on supporting the government’s growth initiatives,” while at the same time trying to “deepen trust in financial services and improve the lives of consumers accessing them.”
To get there, the regulator has set out four main priorities:
- Supporting growth and competitiveness – by enabling innovation and making UK financial services more attractive internationally.
- Being a smarter regulator – more risk-focused, proportionate, and efficient, with better use of data and technology.
- Helping consumers navigate financial decisions – building on the work already done around Consumer Duty and potentially cutting out some older, rigid rules.
- Fighting financial crime – continuing efforts around money laundering, market abuse, fraud, scams and sanctions compliance.
If those all sound pretty sensible, it’s because they are.
Regulation as an enabler, not a burden
For years, financial professionals have felt regulation is an extra weight on their shoulders. But Bernadine sees this new phase as a shift in mindset: “The strategy has been directionally helpful,” she said. “We are going to see a lot of change… the FCA is covering a wide variety of different topics and issues.”
And that’s the catch—firms will need to stay nimble. There’s a wave of consultations coming, and businesses will have to stay up to date with how the rules are evolving. But Bernadine says there’s a real opportunity here, especially for those who choose to stay engaged and even shape what comes next.
“If you do get the chance to engage with regulators as part of this process, that’s helpful,” she advised. “They get to know your business a bit more, and you’re able to feedback on what works and doesn’t work.”
Her team is already advising clients to approach regulatory updates through a practical lens. “We’re encouraging firms to focus on outcomes rather than processes,” she said. “What are the outcomes, and how can those best be achieved for a particular business?”
In other words, don’t just ask: “What does the rule say?” Instead, ask: “What does good look like for our customers—and how can we get there?”
Consumer Duty still matters
One particularly interesting point from the discussion is that the FCA is considering scaling back some of the more detailed rules now that Consumer Duty is in place. That doesn’t mean the regulator is backing off from consumer protection—in fact, the opposite is true. It’s expecting firms to take the lead in delivering good outcomes without needing to be told exactly how.
Take, for example, the rule that firms should appoint a “consumer champion” at the board level. It’s no longer a requirement, but some businesses are choosing to keep that role.
As Bernadine shared, “Some of my clients have said, ‘We quite appreciate having the voice of the customer at board level’. So, it may not be a requirement, but we’re going to keep on with it.”
That kind of proactive mindset is exactly what the FCA is looking for.
A global trend
Of course, UK firms don’t operate in a vacuum. Many have global operations, and that means navigating different strategies and regulatory approaches around the world.
Bernadine was quick to point out that “the pivot to a growth agenda” isn’t just happening in the UK. It’s something we’re seeing globally.
“The US has set a different course,” she explained. “They’re less inclined to strive for international regulatory alignment, which historically they’ve done. In Europe and APAC, we’ve also seen intentions to simplify regulation and reduce reporting requirements.”
That said, regulatory alignment is still crucial for global firms trying to build efficient systems and standardised processes across borders. “Global standards with minimal specific country-level requirements can help those firms use global systems and processes,” she said.
On the flip side, smaller firms often prefer a bit more clarity. “They like a more definitive set of requirements—as long as they’re proportionate to the risks being run.”
The FCA seems to be hearing that, too. It plans to issue more examples of good and poor practice— “practical guidance, learn-from-your-peers type advice,” which Bernadine thinks “will be very helpful.”
Tech-savvy targeted regulation
If there’s one word that came up again and again in this conversation, it’s technology.
Whether it’s firms adopting new tools, or the regulator sharpening up its own systems, this is a big theme for the next five years.
“The FCA’s priority of being a smarter regulator is key,” said Bernadine. “They’re going to be looking at data collection, reducing regulatory returns, only asking for information they need.”
The shift will also mean more scrutiny of data quality. “Firms need to know what the data is saying before they submit it—because it will almost certainly be reviewed and used for analysis.”
There’s also growing interest in artificial intelligence and how it can support innovation. Bernadine noted a significant change in the mood among firms. “Four or five years ago, there were a lot of inquiries, but not a lot of adoption. That’s definitely turned a corner now.”
Firms that embrace tech—responsibly and strategically—could see real benefits. “We can all consider the improvements that can be made: enhanced efficiencies, new customers, improved market access.”
What’s in it for firms?
Ultimately, all this change has to lead somewhere. So, what’s the prize for firms that get it right?
Bernadine was upbeat: “If implemented effectively, we do think this can lead to a more dynamic financial services sector—more innovative, able to compete globally more effectively.”
She also pointed out that the FCA sees all four of its strategic priorities as reinforcing each other, and she agrees. “There’s potential for real benefits to consumers, regulated firms, and the UK economy.”
But none of this will happen automatically. It requires firms to make the effort—to stay informed, embrace innovation, and engage with the regulator.
The bottom line…
Bernadine wrapped things up by expressing how she hopes more firms will see engagement with the FCA as a two-way street. “They genuinely are interested to hear different views from the industry—particularly suggestions as to what could be done differently, what works for firms and what doesn’t.”
That’s a refreshing message at a time when regulation can feel like a monologue. It doesn’t have to be. With this strategy, the FCA is trying to open a dialogue—and firms that join in will be better placed to succeed in a fast-changing world.
To access the full podcast recording and get all the details from Bernadine, click here!
About Bernadine Reese
Bernadine Reese is a Managing Director within Protiviti’s Financial Services Industry (FSI) Regulatory practice in the UK. Prior to joining Protiviti ten years ago, Bernadine was a Director in KPMG’s Regulatory Services practice. A chartered accountant by training, Bernadine has over 27 years financial sector experience, including 17 years at KPMG, as a highly regarded regulatory expert within FSI. Bernadine has been working on AML and sanctions advisory and remediation projects since 2000. Bernadine also spent nine years in the KPMG Audit practice where she managed a variety of financial sector external and regulatory audits. Bernadine has diverse advisory experience, ranging from regulatory compliance to money-laundering investigations experience, especially in securities trading, investment management and banking. She is currently registered as an Individual Skilled Person for FCA/PRA Skilled Person’s review panel.
