Mike Harrison joins financial services regulatory consultancy Bovill

As financial services operators adjust to another year of new regulations, advisory firm Bovill has bolstered its non-investment financial services team with a new practice leader. Mike Harrison brings two decades of regulatory and advisory expertise to the firm.

Bovill’s non-investment financial services team, a financial regulatory advisory firm, advises the firm’s clients on mortgages, consumer credit and insurance. The team specializes in a wide range of FCA regulations and their impact on a company’s regulatory lifecycle. These include, among others, ad-hoc support on technical issues, regulatory change management expertise and results testing for customers.

Speaking about his new role, Harrison said: “The company has an impressive line-up of interesting clients and projects that I look forward to getting involved with. This is an exciting and challenging time for the financial services industry, and in particular for our industry, given the upcoming Consumer Duty overhaul and the additional scrutiny the insurance market is currently undergoing. the part of the FCA.

Harrison has extensive experience in many aspects of FCA regulation, including regulatory reporting, affordability and creditworthiness assessments, conduct and culture, and financial crime. This has seen him work as a ‘qualified person’ where companies have been instructed by the Financial Conduct Authority to carry out a ‘Section 166 review’ and with the Institute of Chartered Accountants of England and the Country. of Wales (ICAEW) on providing advice to other qualified persons.

Ben Blackett-Ord, CEO of Bovill, said, “We really look forward to working with Mike and welcoming him to the Bovill team. Our team will be strengthened by their expertise and knowledge of the FCA Qualified Person Review process and their work with the ICAEW on guidance. This perspective will enrich our understanding of supporting internal compliance departments and will be invaluable to our clients. »

With over 25 years of experience in financial services regulation, Harrison previously served as a senior compliance advisor at Deloitte. He has also held similar positions at Huntswood and The Consulting Consortium, while most recently he was director of risk and compliance at Freedom Finance.

After a very slow start to 2021 in terms of FCA fines, there has been a sting in the tail with last month the annual total doubling to over £500m. 2022 has had another slow start in this regard, with fines issued for 2022 so far standing at £10.9million – but businesses should be aware in this case that this could well come before a conclusion most severe of the year. To avoid this, companies would be well advised to call on external expertise.