The turn of the new millennium sparked a flurry of innovation. 2001 saw Apple launch the first iPod. Microsoft saw similar success with its groundbreaking game console, Xbox.
In financial services, change was also afoot. Those of us who’ve been in this game long enough remember when the FSA was formed, in response to criticisms that self-regulation simply wasn’t working. All of a sudden, disparate regulators were consolidated and firms were forced to make sense of changing regulation on a bigger scale than ever before.
Never one to let an opportunity pass her by, 2001 was also the year that Joanne Smith took the plunge and left KPMG to set up TCC, with a firm belief that still underpins the business today: culture is key to success in financial services.
Where we’ve been
Starting as a boutique compliance consultancy, TCC set out on its journey delivering high quality, pragmatic expert advice and support based on deep understanding of conduct and culture in the ‘real world’.
Within a year or so, we had become a UK-wide business by opening a major UK Operations Centre in Leeds. This provided a central hub for outsourced reviews, redress and complaint handling solutions.
A period of steady growth, a major re-brand, an acquisition and some external investment later, TCC was named as “Compliance Consulting Firm of the Year” at the Finance Monthly Global Awards in 2015.
And by 2018, we started introducing RegTech into major client remediation projects, combining smart tech with clever people to deliver game-changing solutions.
Where we’re going
Innovation is an overused word, but true innovation is not static nor undertaken in a vacuum. It’s dynamic and contextual.
As has been the case since 2001, regulatory rules and expectations continue to grow and evolve — from a pair of MiFIDs (I and II), to more personal accountability for senior executives (SMCR) and so much more.
In response, TCC has launched more cutting-edge RegTech in the form of High Performance Assurance and intelligent culture analytics, each pushing the boundaries of tech and allowing clients to not just fix their past and strengthen their present, but also protect their future while gaining real commercial value in the process.
And despite the many challenges that 2020 presented, it was the year that TCC became international by launching in Australia.
The iPod may no longer be the music storage device of choice, but TCC is not standing still. With more exciting innovations in the pipeline, we’ll always be striving to deliver new, unique technologies and services in the UK, Australia and even beyond.
Here’s to the next 20 years!