466 Results found.

The challenges of Defined Benefit redress calculations

Insight — 20/06/24
Ask Harry Eastwood: The challenges of Defined Benefit redress calculations   Our Q&A interview with Harry Eastwood, Actuarial and Redress Director at TCC, explores the common obstacles when calculating redress for pension transfer cases.  Understanding your redress liability has always bee

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Eight essentials for looming Consumer Duty assessments

Insight — 13/06/24
The 31 July was a date firmly etched on minds across the industry this time last year, as the Consumer Duty became the new compliance standard for all regulated firms. This year, the date remains circled in business diaries as the day boards are required to have conducted their annual assessments. I

A reflection: Identifying potentially vulnerable customers then and now

Insight — 11/06/24
The FCA issued Occasional Paper No.8: Consumer Vulnerability in 2015. It was published with the headline "FCA challenges firms to review approach to consumer vulnerability" and a "test of conscience" issued by the then CEO.     Here, TCC’s Technical Director Judith Wright reflects nine y

How to deliver fair treatment to customers who are (or may become) vulnerable

Insight — 06/06/24
The FCA has recently imposed a fine of over £6.2 million on HSBC (including HSBC UK Bank plc, HSBC Bank plc, and Marks and Spencers Financial services plc) for their ‘inadequate measures’ to treat customers fairly who are experiencing financial difficulties or falling into arrears.   The r

Consumer Investments Duty compliance for closed products and services

Insight — 23/05/24
Ahead of the Consumer Duty implementation deadline of 31 July 2024 for all closed products and services, the FCA has issued Dear CEO letters to five financial service sectors, including a communication for Directors and CEOs at Consumer Investment firms. Firms need to implement the Duty across all o

Longer-term mortgage loans surge in popularity with the under-30s

Insight — 15/05/24
Longer-term mortgage loans surge in popularity with the under-30s   Recent media reports show there has been a significant uptick in mortgage terms to continue beyond state pension age – particularly in new home loans for those aged 30 and under. This surge was revealed following a Freedom of

Consumer Duty: FCA review highlights risks for motor insurance customers

Insight — 10/04/24
The FCA has released the findings of its multi-firm review, which assessed motor insurance firms’ claims handling processes for valuing stolen or written off vehicles. The review outlines crucial steps the regulator now expects firms to take to ensure they’re delivering good outcomes for custome

Consumer Duty: What does the FCA expect from ongoing advice services?

Insight — 04/04/24
The regulator has written to 20 major financial advice firms to request information on their ongoing advice charges, signalling its intention to place a spotlight on the ways firms are revising their approach in line with the Consumer Duty’s fair value and consumer understanding requirements. In M

FCA Business Plan: 2024/25

Insight — 28/03/24
The FCA has released its annual Business Plan for 2024/25, which sets out its primary objectives over the coming financial year and marks the concluding part of its three-year strategy (2022-2025) to drive positive transformation within the financial services market. The Business Plan restates the F

Regulatory focus on the needs of vulnerable customers for 2024

Insight — 26/03/24
This month the FCA has published multiple communications which will ultimately impact how financial service firms treat customers in vulnerable circumstances. [two_third padding="10px 30px 0px 0px"] Here, TCC's Director of Advisory Practice, Gary Maude, outlines why it's a critical time for finance

FCA announces review into firms’ approaches to vulnerability for 2024

Insight — 20/03/24
On 15th March 2024, the FCA announced plans for a wide-ranging review into the actions firms are taking to identify and respond to the needs of vulnerable customers. The long-awaited review, which was first outlined in 2017, is expected to go further than the originally planned work on age-related i

Eight steps to implement to support customers in financial distress

Insight — 20/03/24
The 18th-24th March marks the tenth Debt Awareness Week which is coordinated by StepChange Debt Charity. In concurrence and to spotlight the issues associated with problem debt, the FCA has joined forces with other regulators to warn financial service firms about debt collection activity and the str

Compliance in focus: Your experts’ guide to Consumer Duty annual assessments

Insight — 29/02/24
During its recent multi-firm review, the FCA urged boards to place the Consumer Duty at the top of their regulatory agenda – re-iterating how, along with senior leadership, they will ultimately bear responsibility for the outcomes achieved for customers. Ahead of the one-year anniversary of the le

Three steps to preparing for a motor finance redress scheme

Insight — 28/02/24
The FCA’s recent announcement of a full-scale review into complaints handling within the motor finance sector could be the first sign of a significant redress programme on the horizon for brokers and lenders – on a similar scale to the PPI scandal. [two_third padding="10px 30px 0px 0px"] Here, T

Senior Redress Analyst

TCC is urgently looking for a team of Defined Benefit RECAL Senior Redress Analysts to join TCC’s in-house team of actuarial and redress calculations experts. Job Title: Senior Redress Analyst Rate: £450 per day (via an umbrella) Start Date: As soon as possible Duration: Six months initially Loca

Assessing vulnerability: How can firms help mitigate risks of DIY SIPPs?

Insight — 09/02/24
A recent Financial Ombudsman Service decision has highlighted the risks of DIY SIPP arrangements – particularly for customers displaying signs of vulnerability such as gambling addiction. In this FT Adviser feature, TCC’s Head of Advisory Practice, Gary Maude, gives his expertise regarding firms