179 Results found.
Back in February 2024, following concern from the FCA that ongoing advice services may not have always been delivered as they should have been, the regulator requested data from 22 of the largest advice firms. The data survey asked firms to submit information about the number of clients who w
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
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
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
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
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
It’s said convenience is king, so it’s surprising to see that despite clear and straightforward guidance from the FCA, some insurance firms are still creating unnecessary hurdles for customers who wish to cancel or adjust a policy. At TCC, we've noticed a trend where the simplicity of pur
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
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
Ask Harry Eastwood: why provisioning calculations is the best thing for your business This week we talk to Harry Eastwood, TCC's Actuarial and Redress Director, about why provisioning calculations will give you faster and more accurate results. We know that calculating redress can
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
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
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 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
As financial service firms await the findings from the FCA’s survey of 20 of the largest ongoing advice service providers, it’s an important time to consider assets under advice and their associated charges. The regulator is collating data about: The number of clients who were due a review about
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
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
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
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
The FCA has written a new Dear CEO letter to financial advice firms on 20th March 2024, asking senior leaders to review their current processes and policies surrounding retirement income advice and their control framework. The regulator’s latest correspondence follows the release of its thematic r
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
Ongoing advice services and any associated charges have been firmly on the FCA’s radar for over a year, after first being signposted as a cause for concern in the Portfolio Strategy Dear CEO letter to Financial Advisers and Intermediaries in December 2022. The regulator indicated it would b
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
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
