178 Results found.

Understanding and implementing the FCA’s ongoing advice review findings

Insight — 25/02/25
After months of speculation, the FCA has released its findings into its ongoing advice service review, with the key takeaway that suitability reviews were delivered in the ‘vast majority’ – 83% of cases. The analysed data provided by 22 of the largest financial advice firms also reported that

Benefit your business by enhancing customer data

Insight — 18/02/25
In December, the FCA highlighted the need for firms to enhance the quality of their data concerning Consumer Duty board reports. It stated, “Some firms did not have sufficient data quality to justify conclusions or to give governing bodies adequate assurance that firms are meeting their obligation

A Consumer Duty recap: frequent obstacles to achieving good customer outcomes

Insight — 14/02/25
It’s been 18 months since the Consumer Duty became the FCA’s benchmark for standards regarding consumer protection in financial services. And as firms continue to navigate this transformative era, TCC’s regulatory experts have taken stock of the frequent questions and obstacles that firms face

Seven key topics to ensure the success of your ongoing advisory reviews

Insight — 12/02/25
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 com

Overview so far: the expected regulatory hot topics of 2025

Insight — 28/01/25
Only one month into 2025, the financial services sector is already abuzz with discussions and analyses concerning the diverse compliance and regulatory challenges anticipated this year. These topics were at the forefront of our recent TCC compliance forums, hosted by our in-house regulatory speciali

Insurers urged to demonstrate fair value and good customer outcomes

Insight — 28/08/24
Gary Maude, Director of Advisory Practice at TCC, shares his concerns for the insurance sector: "In conjunction with the recent regulatory scrutiny of insurance products such as GAP insurance, the regulator’s criticism of motor claims handling, and the ongoing consideration of Discretionary Commis

The challenges of Defined Benefit redress calculations

Insight — 20/06/24
Ask Harry Eastwood: The challenges of Defined Benefit redress calculations   Our Q&A interview with Harry Eastwood, Actuarial and Redress Director at TCC, explores the common obstacles when calculating redress for pension transfer cases. Understanding your redress liability has always been

A reflection: Identifying potentially vulnerable customers then and now

Insight — 11/06/24
The FCA issued Occasional Paper No.8: Consumer Vulnerability in 2015. It was published with the headline "FCA challenges firms to review approach to consumer vulnerability" and a "test of conscience" issued by the then CEO.     Here, TCC’s Technical Director Judith Wright reflects nine y

How to deliver fair treatment to customers who are (or may become) vulnerable

Insight — 06/06/24
The FCA has recently imposed a fine of over £6.2 million on HSBC (including HSBC UK Bank plc, HSBC Bank plc, and Marks and Spencers Financial services plc) for their ‘inadequate measures’ to treat customers fairly who are experiencing financial difficulties or falling into arrears.   The r

Consumer Investments Duty compliance for closed products and services

Insight — 23/05/24
Ahead of the Consumer Duty implementation deadline of 31 July 2024 for all closed products and services, the FCA has issued Dear CEO letters to five financial service sectors, including a communication for Directors and CEOs at Consumer Investment firms. Firms need to implement the Duty across all o

Longer-term mortgage loans surge in popularity with the under-30s

Insight — 15/05/24
Longer-term mortgage loans surge in popularity with the under-30s   Recent media reports show there has been a significant uptick in mortgage terms to continue beyond state pension age – particularly in new home loans for those aged 30 and under. This surge was revealed following a Freedom of

Consumer Duty: FCA review highlights risks for motor insurance customers

Insight — 10/04/24
The FCA has released the findings of its multi-firm review, which assessed motor insurance firms’ claims handling processes for valuing stolen or written off vehicles. The review outlines crucial steps the regulator now expects firms to take to ensure they’re delivering good outcomes for custome

FCA Business Plan: 2024/25

Insight — 28/03/24
The FCA has released its annual Business Plan for 2024/25, which sets out its primary objectives over the coming financial year and marks the concluding part of its three-year strategy (2022-2025) to drive positive transformation within the financial services market. The Business Plan restates the F

Regulatory focus on the needs of vulnerable customers for 2024

Insight — 26/03/24
This month the FCA has published multiple communications which will ultimately impact how financial service firms treat customers in vulnerable circumstances. [two_third padding="10px 30px 0px 0px"] Here, TCC's Director of Advisory Practice, Gary Maude, outlines why it's a critical time for finance

FCA announces review into firms’ approaches to vulnerability for 2024

Insight — 20/03/24
On 15th March 2024, the FCA announced plans for a wide-ranging review into the actions firms are taking to identify and respond to the needs of vulnerable customers. The long-awaited review, which was first outlined in 2017, is expected to go further than the originally planned work on age-related i

Eight steps to implement to support customers in financial distress

Insight — 20/03/24
The 18th-24th March marks the tenth Debt Awareness Week which is coordinated by StepChange Debt Charity. In concurrence and to spotlight the issues associated with problem debt, the FCA has joined forces with other regulators to warn financial service firms about debt collection activity and the str

Compliance in focus: Your experts’ guide to Consumer Duty annual assessments

Insight — 29/02/24
During its recent multi-firm review, the FCA urged boards to place the Consumer Duty at the top of their regulatory agenda – re-iterating how, along with senior leadership, they will ultimately bear responsibility for the outcomes achieved for customers. Ahead of the one-year anniversary of the le

Three steps to preparing for a motor finance redress scheme

Insight — 28/02/24
The FCA’s recent announcement of a full-scale review into complaints handling within the motor finance sector could be the first sign of a significant redress programme on the horizon for brokers and lenders – on a similar scale to the PPI scandal. [two_third padding="10px 30px 0px 0px"] Here, T