Business Systems, a leading provider of compliance and customer experience solutions, and TCC, a renowned consultancy firm specialising in financial services, and Recordsure, a unique AI RegTech provider, today announced they are joining forces to provide advisory services and ongoing support to address the new Consumer Duty regulations.

Consumer Duty, a transformative piece of legislation, has already come into effect on 31 July 2023. This landmark regulation places significant responsibilities on financial institutions to act in the best interests of their customers, ensuring fair treatment and improved outcomes for all consumers.

Recognising the complexities and challenges that Consumer Duty presents for businesses, Business Systems and TCC have joined hands to provide tailored consultancy services, including:

• Regulatory Gap Analysis: Identify gaps in existing processes and help develop strategies to meet the new Consumer Duty requirements
• Policy and Procedures: Create robust policies and procedures that align with best practices; focusing on products & services, price & value, consumer understanding and consumer support outcomes
• Monitoring and Reporting: Help establish comprehensive reporting systems and detailed insight dashboards to track progress, make informed decisions, and provide evidence for the regulator
• Remediation and Implementation: Review and offer guidance on implementing necessary changes to ensure long-term compliance with the new rules

“We are excited to partner with TCC in this endeavour,” said Adam Kantor, CEO at Business Systems. “This collaboration aligns perfectly with our commitment to empowering organisations with thought leadership advice and cutting-edge solutions to meet regulatory challenges effectively.

“Together, we aim to help our clients embrace Consumer Duty as an opportunity to strengthen customer trust and loyalty.”