Q&A part 5: How can firms keep their ongoing advice services compliant?
The landscape of ongoing advice servicing is being scrutinised by the FCA, and soon, the
13/03/25
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Seven key topics to ensure the success of your ongoing advisory reviews
The landscape of ongoing advice servicing is being scrutinised by the FCA, and soon, the regulator is likely to release more details about what it expects from firms.
In the interim, the experts at TCC have considered what proactive steps firms can take now to stay one step ahead. We’ve compiled seven critical topics for ongoing advice standards you won’t want to miss.
- Positive start to the customer journey
- Deliver ongoing advice proactively
- The timing of ongoing advice
- Meeting the requirements of advice
- The customer’s information needs must be met
- Deliver fair value
- Refund policy
The past influencing the present
We all understand that the past shapes our present. PPI claims, pension reviews and s166 assessments frequently emerge from companies opting for shortcuts or making decisions driven solely by profit. Such actions create a hidden time bomb of risks that may lie dormant for years, but when they surface, the consequences are magnified by the duration these risks have been ignored.
Both collective and individual responsibilities come into play when firms mishandle ongoing service charges – and the expense of rectifying mistakes can far surpass the penalty itself, with individuals also facing liability and reprimand.
Independent expertise
Proactively seeking external expertise is a commendable step firms can take now. We at TCC, alongside our sister company Recordsure, offer the innovative solutions you need so you can review, manage and evidence your ongoing advice.
By merging the skills of our regulatory experts with cutting-edge technology, we harness TCC’s consultancy know-how and Recordsure’s ground-breaking AI. This powerful combination gives ongoing advice providers the tools to achieve unparalleled compliance excellence.
Get in touch to find out how we can help your firm today
For over two decades, TCC’s experts have assisted financial service firms in navigating their compliance challenges and successfully meeting regulatory outcomes. Our teams of trusted experts offer one-stop, bespoke compliance solutions to tackle your regulatory challenges:
Contact us