289 Results found.

Three steps to the Consumer Duty starting line

Insight — 26/01/23
In just over six months’ time, the Consumer Duty will be a regulatory reality for FCA regulated organisations, and so the clock is ticking for businesses to ensure their new and existing products and processes are compliant by 31st of July 2023. This momentous shift to a more assertive form of sup

Prepare for 2023: The importance of robust evidencing for Equity Release firms

Insight — 12/01/23
There was cause for optimism for providers and intermediaries according to Equity Release Council statistics in the third quarter of 2022. An increase of over 8% in equity release plans compared to the previous quarter – over 13,000 in total – is a promising uplift in post-pandemic business leve

Three steps to review your Retirement Income advice

Insight — 20/12/22
Earlier this month, the FCA released a Portfolio Strategy letter emphasising their continued focus on the suitability of advice for Financial Advisers and Intermediaries.   The latest Portfolio Strategy communication confirmed the FCA’s drive regarding advice to British Steel Pension Scheme m

Rethinking vulnerability for the Consumer Duty era

Insight — 05/12/22
The Consumer Duty is intended to raise the bar for customer protection across financial services, placing much greater emphasis than before on firms' need to identify and manage vulnerability among their customers on an ongoing basis. In Money Marketing, TCC Group's Chief Product Officer Garry Evans

Webinar recap: Understanding the Consumer Duty’s good customer outcomes

Insight — 28/11/22
Last week Consumer Duty expert and TCC’s Associate Director, Neil Dethick joined a specialist panel that continued a Duty focussed webinar series, hosted by Recordsure in partnership with BSA.   Host, Recordsure’s Chief Product Officer Garry Evans, was joined by Ex-FCA and now Senior Produc

A helpful summary of the FCA’s four Consumer Duty outcomes

Insight — 26/10/22
The hugely significant shift towards the FCA’s new Consumer Duty will culminate in its first deadline on Monday 31st October, when Implementation Plans needs to be ready for regulatory scrutiny. Under the Duty’s overarching Consumer Principle of ‘A firm must act to deliver good outcomes for re

FCA Outcome 4: Consumer support

Insight — 19/10/22
In a matter of days, the Consumer Duty’s first critical deadline of having Implementation Plans ready for review will be upon us. Last week, Chief Operating Officer and Executive Director at the FCA, Emily Sheppard spoke about the Duty at the CISI/Financial Planning Conference 2022 and explained

Consumer Duty compliance: how should firms approach the Four Outcomes?

Insight — 19/10/22
With the deadline for Consumer Duty Implementation Plans now less than two weeks away, firms should be stress testing their approach to ensure they're truly putting customers' needs first across the entire business lifecycle. In Money Marketing, TCC's Associate Director Neil Dethick takes a closer l

Five need-to-know Consumer Duty practicalities

Insight — 12/10/22
1. How will the FCA assess your firm’s Consumer Duty compliance? The Consumer Duty and how it will regulate financial service compliance is being widely discussed across the industry. The changes are significant and given that the FCA is now leading with more assertive supervision – a ‘show me

FCA Outcome 3: Consumer understanding

Insight — 11/10/22
With less than three weeks to go until firms need to have a Consumer Duty Implementation Plan that is ready for FCA scrutiny, we continue our series considering the Duty’s four outcomes.   After Nick McGruer, Head for Advisers, Wealth and Pensions at the FCA shared that independent financial

FCA Outcome 2: Price and value

Insight — 04/10/22
As the weeks continue to slip away, we spotlight the FCA’s four Consumer Duty outcomes: products and services, price and value, consumer understanding and consumer support.     Here, Neil Dethick, Associate Director at TCC, focuses on outcome two: price and value. Ahead of the imminent Duty

FCA outcome 1: products and services

Insight — 27/09/22
The new Consumer Duty, which applies to existing FCA regulated products and services, as well as any new products expected to launch, is nearly here. Under the Duty, firms are required to have an Implementation Plan ready for scrutiny in just a few weeks where ‘firms will need to assess and eviden

Understanding the issues on Defined Benefits transfers

Insight — 15/09/22
In the first of our subject matter expert interviews, Anthony Harkess, Client Director at TCC and Head of Specialist Resourcing, sits with David Boyhan, TCC Technical Director, to discuss Defined Benefit Transfers and the challenges the market is currently experiencing.    David has over 15 years

Three key steps to ensuring Consumer Duty readiness

Insight — 24/08/22
With the FCA’s deadline for implementation plans confirmed for 31st October 2022, firms should now be discerning how they’re going to adjust their business framework to satisfy the significant step up in oversight requirements as a matter of priority. But with only weeks left to prepare, how can

Consumer Duty myth-busting: what do firms need to know?

Insight — 15/07/22
Despite only weeks to go until the final Consumer Duty rules are announced, a recent survey by Royal London has found that almost one in five advisers are still unfamiliar with the new legislation - suggesting many firms remain unaware of the significant step-up in regulatory obligations awaiting th

Three rules for turning complaints into valuable lessons

Insight — 14/06/22
How can you approach complaints in a way that's constructive for both parties? In FT Adviser, Associate Director Neil Dethick explains his three-step process for helping unsatisfied customers navigate your complaints procedure -  and how you can transform less-than-stellar outcomes into a learning