For over three months, the Consumer Duty has been a regulatory reality and mandates that all FCA administered firms deliver a higher standard of customer care with consumer protection at its core.

And as many firms continue to explore how this is implemented according to the Consumer Duty’s four main outcomes, TCC has been working with businesses across the sector to advise on their best route to compliance.

It’s through this shared vision of successful implementation that TCC has become a proud affiliate member of the Consumer Duty Alliance. Established earlier this year as a not-for-profit community interest company, the Alliance works with practitioners and subject matter experts like TCC, to help regulated firms understand, meet and deliver the FCA’s Consumer Duty requirements.

Providing expertise for the Consumer Duty

Since the Duty was announced as the long-term vision for financial service regulation, TCC’s skilled team have provided expertise to organisations to assist with the application of these new standards. Our subject matter experts consist of industry practitioners and ex-regulators who deliver independent assurance for firms to help ensure their Consumer Duty approach is truly watertight.

Ultimately the regulator introduced the Consumer Duty to increase public confidence in financial service providers with the onus on firms to demonstrate that they have the customer’s best interests at heart. That’s why our affiliate membership to the Consumer Duty Alliance is so important, as we collectively aim to support the sharing of ‘good practice’ more widely across the sector.

Joe Norburn, CEO at TCC said “We’re proud to announce our affiliate membership with the Consumer Duty Alliance. The Alliance strives to elevate public trust in the finance sector by creating a collaborative network that shares and develops best industry practice. TCC’s team of subject matter experts are well-placed to contribute with best-practice advice and have the hands-on knowledge to support the implementation of compliance to the Consumer Duty’s four outcomes for the long term.”

Hit the right regulatory marks

With so much key criteria to evidence, the stakes are high for firms, so maintaining and evidencing compliance are inevitably significant tasks which require considerable time, resource and budget. Make sure you’re hitting the right regulatory mark by gaining external validation and advisory review of your Consumer Duty compliance strategy.

Get in touch with TCC’s experts today to see how we can help.