131 Results found.
The FCA has reiterated the importance of firms being alert to indicators of potential vulnerability for clients seeking advice on defined benefit pensions. Its latest guidance provides businesses with a summary of possible circumstances Defined Benefit (DB) customers could find themselves in
Mortgage firms should act now to support ‘challenged’ borrowers who may struggle to repay at maturity, in planning for this risk of serious customer detriment. The number of borrowers on interest-only mortgages is lower than 1 million, consumer research from the FCA has revealed. This is
Following on from its 2020 review work with firms involved with Lifetime Mortgages, the FCA mentioned again - in its Business Plan/strategy for 2022/23 - its concerns regarding the risk of poor (or unclear) advice in this sector. The FCA has been following up with firms where it has undertaken previ
Fixed-rate mortgages continue to dominate the headlines, as the average two-year fixed rate rose to 6.66% earlier this month - the highest level in 15 years. So, with more and more households struggling to make ends meet, the focus remains on mortgage firms to demonstrate how they can help these con
Citywire recently revealed that the FCA has issued a new in-depth survey to around 1,300 firms to gain a better understanding of their approach to assessing and reviewing key risk indicators (KRIs) for retirement income advice. The regulator had originally intended to review the retirement advice ma
An unfortunate but sadly unavoidable side effect of the current cost-of-living crisis is the increase in consumers who will face difficulty in meeting their ongoing mortgage repayments. In the first quarter of 2023, 76,630 homeowner mortgages were in arrears of 2.5% or more of their outstandi
The number of borrowers struggling to keep up with bill and credit payments has risen by 3.1 million in May 2023 when compared to the same time last year, the FCA has reported. These figures were released as the regulator doubled-down its commitment in supporting those consumers in financial
On 12th May, the FCA published its latest Dear CEO letter, which outlines specific guidance for Self-Invested Personal Pension (SIPP) operators towards implementing and complying with the Consumer Duty along with other concerns in this market. Noting the increased risk that many SIPPs carry due to t
Marking the second phase of its three-year campaign to improve outcomes for financial services consumers, the FCA’s Business Plan 2023/24 outlines its key ambitions for the year ahead. And with British consumers currently grappling with cost-of-living challenges from seemingly all directions, it
Earlier this month, the FCA published the findings from its latest thematic review exploring how firms are approaching their Fair Value assessments in the run-up to the new Consumer Duty launch on 31st July. The research aimed to understand how businesses across different areas of financial services
The financial pressure on consumers has further increased this April, with many witnessing a persistent rise in their bills. Energy costs continue to escalate in line with the energy price cap increase – along with spikes in other utilities such as council tax, water and broadband costs. This fres
The FCA has today launched its Business Plan 2023/24, outlining its regulatory priorities, concerns and objectives for the coming 12 months. The wide-ranging plan seeks to further the regulator’s ongoing mission to improve customer outcomes and promote greater accountability within financial servi
First published last year, the FCA’s strategy for 2025 highlighted three main areas for improvement over the next few years: promoting competition and positive change, setting and testing higher standards, and reducing and preventing serious harm. And given the economic challenges we’ve seen eme
The role of AI and innovation in Consumer Duty’s future The Consumer Duty is the start of a new evidence-based, outcome focussed era of regulation. And with the 31st of July deadline fast approaching, firms face the challenge of monitoring and evidencing their compliance to the four main outcomes.
Further guidance on the FCA’s Consumer Duty expectations has been coming thick and fast in recent weeks and months. In January, the regulator published findings from its review of larger ‘fixed’ firms Implementation Plans, in a bid to spotlight good practice whilst noting key areas for
While the industry continues to concentrate on the new Consumer Duty and its implementation in July 2023, we’ve been taking a closer look at how the FCA’s expectations depend on delivering better value and fairer outcomes for financial services customers. Here we spotlight the FCA’s Consumer
Often the words equality and equity are used interchangeably. But this year’s International Women’s Day campaign - which culminates today on Wednesday 8th March - shines a spotlight on the real difference in their meaning. So, we’re keen as a business to explore the importance in understanding
After much speculation, the FCA is set to get the ball rolling on its British Steel Pension Scheme (BSPS) redress programme at the end of February – giving advisers until 28th March to contact all customers involved in the scheme. Research suggests that around 47% of advice given under the
When it comes to supporting your compliance and conduct goals, you need a compliance consultancy partner that’s well-versed in the regulatory requirements forward-thinking and trusted by your industry peers. With TCC, that’s precisely what you get – and more. We’re proud to be one of the
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
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
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
As the new FCA’s S165 data collection for Principal firms comes into action this Thursday 8th December 2022, let’s remind ourselves what is changing – and why it’s critical to act now. Last year it was widely reported across the press that David Cameron lobbied for Greensill Capital (where h
The British public is currently facing a perfect storm of inflation, price increases and fuel shortages that are putting more consumers than ever at real risk of financial difficulties. And it seems like every day, we’re presented with new and concerning figures painting a bleak forecast of the mo
