75 Results found.
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
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
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
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
On 11th January, the FCA announced plans to issue S166 Requirement Notices to several motor finance firms over historical sales practices. The notice raised new concerns over discretionary commission agreements, which were banned in 2021, as the regulator felt they ‘give motor finance brokers/deal
The FCA rounded up 2023 by publishing its findings into the retail banking Consumer Duty multi-firm review. This comprehensive publication has a read-through across all sectors of the financial service industry and reminds firms that they should expect the FCA to ask for their annual Consumer
2023 proved to be another busy year for acquisitions within financial services - and despite the relatively higher cost of borrowing, this trend shows no sign of stopping into the new year. But with DB Transfers now being considered Business As Usual (BAU) by the regulator, where should firms be foc
Earlier this month, the FCA published a Dear CEO letter to wealth management firms urging them to take immediate action to help prevent financial crime and meet their Consumer Duty requirements. In the letter, the regulator confirms CEOs are accountable for ensuring FCA requirements and expec
The regulator’s review into later life mortgage providers, published on the 14th of September 2023, took a deep dive into the advice standards and mortgage advertising of the firms collectively responsible for around half of all the UK’s later life mortgage sales. The review is focused on the eq
In June, the FCA re-iterated its focus on retirement income as a regulatory priority, requesting information from more than 1,000 firms on their approach to managing areas including processes, fees, incentives and controls via an 87-question survey. The regulator is expected to issue further communi
Only 41% of adults have confidence in the UK financial service industry according to the latest Financial Lives Survey conducted by the FCA. This alarming statistic comes a year on from when firms first built and scrutinised their Consumer Duty implementation plans. And now, regulated busines
For over three months, the Consumer Duty has been a regulatory reality and mandates that all FCA administered firms deliver a higher standard of customer care with consumer protection at its core. And as many firms continue to explore how this is implemented according to the Consumer Duty’s
After years of consultation and planning, the Consumer Duty came into force on 31st July 2023, demanding higher standards of customer care and calling upon FCA-regulated financial businesses to ‘act to deliver good outcomes for retail customers’. Central to this vision is the pledge that
The FCA has published the findings from its review into later life mortgages after working with the largest intermediaries of these products to improve their advice processes. As a result of this multi-firm initiative, the regulator found that almost 400 financial promotions required removal
With falling energy prices, economists are forecasting that the UK’s inflation rate will have fallen to 5% by the end of 2023. Whilst this should be a welcome relief to UK consumers, many will still be feeling the pinch from higher prices, particularly from the effect of food price inflatio
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
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
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
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
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
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.
