335 Results found.

FCA issues new customer support guidance for insurance firms

Insight — 01/08/23
The Financial Conduct Authority, in conjunction with the Government, continue to press the financial services market for initiatives designed to help customers with the current cost of living crisis. Most recently this was discussed in FCA policy statement PS23/9. Balancing these expectations, along

Three key themes from the FCA’s Fair Value assessment review

Insight — 21/07/23
Published in May 2023, the FCA's Consumer Duty price and value assessment review examined the frameworks of 14 (predominantly large) financial businesses - highlighting areas that successfully aligned with the regulator's vision for the future, alongside some key areas where firms were falling short

AI RegTech helps mortgage firms monitor and evidence outcomes

Insight — 19/07/23
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

The FCA’s Retirement Income Advice survey: what firms need to know

Insight — 03/07/23
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

Act now for a compliant future:

Insight — 09/06/23
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

Consumer Duty: what does the FCA expect from SIPP operators?

Insight — 06/06/23
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

Three need-to-know regulatory changes on the FCA’s agenda

Insight — 31/05/23
Building on the priorities outlined in last year's Strategy 2022-2025 announcement, the FCA's latest Business Plan re-iterated its commitment to improving customer outcomes by pledging to introduce a host of new, more stringent requirements for regulated firms over the coming the financial year. In

Your complete guide to the FCA’s Business Plan 2023/24

Insight — 26/05/23
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

Consumer Duty: Four key lessons from the FCA’s Fair Value Frameworks review

Insight — 24/05/23
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

TCC joins SME Climate Hub initiative to halve emissions by 2030

Insight — 03/05/23
TCC has joined the SME Climate Hub community as part of our ongoing efforts to help tackle climate change and embrace more sustainable business practices. As a participant of this important worldwide initiative, we’ve committed to taking meaningful action towards lowering our impact on the environ

FCA Business Plan: Consumer care tops regulatory agenda for 2023/24

Insight — 05/04/23
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

Why firms need to get serious about Disclosure for Consumer Duty success

Insight — 30/03/23
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

How firms should approach British Steel pensions redress

Insight — 23/03/23
The British Steel Pensions Scheme (BSPS) redress scheme began in earnest at the end of last month - meaning firms now have until the end of February 2024 to review their advice, conduct redress calculations and provide payments to affected customers. But with such a fast pace of work, how can firms

RegTech to support Wealth Managers and the Consumer Duty outcomes

Insight — 22/03/23
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.

A closer look at the FCA’s Consumer Duty expectations

Insight — 20/03/23
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

How to prepare for the Consumer Duty’s Price and Value outcome

Insight — 13/03/23
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