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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 Consumer Duty is intended to raise the bar for customer protection across financial services, placing much greater emphasis than before on firms' need to identify and manage vulnerability among their customers on an ongoing basis. In Money Marketing, TCC Group's Chief Product Officer Garry Evans
Last week Consumer Duty expert and TCC’s Associate Director, Neil Dethick joined a specialist panel that continued a Duty focussed webinar series, hosted by Recordsure in partnership with BSA. Host, Recordsure’s Chief Product Officer Garry Evans, was joined by Ex-FCA and now Senior Produc
On Monday, 31st October 2022, TCC’s Associate Director and Consumer Duty expert Neil Dethick joined the first of three Consumer Duty focused webinars, hosted in partnership with the BSA and Recordsure. The specialist panel – featuring Recordsure’s Programme Director Adeline Han and Chie
The hugely significant shift towards the FCA’s new Consumer Duty will culminate in its first deadline on Monday 31st October, when Implementation Plans needs to be ready for regulatory scrutiny. Under the Duty’s overarching Consumer Principle of ‘A firm must act to deliver good outcomes for re
In a matter of days, the Consumer Duty’s first critical deadline of having Implementation Plans ready for review will be upon us. Last week, Chief Operating Officer and Executive Director at the FCA, Emily Sheppard spoke about the Duty at the CISI/Financial Planning Conference 2022 and explained
With the deadline for Consumer Duty Implementation Plans now less than two weeks away, firms should be stress testing their approach to ensure they're truly putting customers' needs first across the entire business lifecycle. In Money Marketing, TCC's Associate Director Neil Dethick takes a closer l
1. How will the FCA assess your firm’s Consumer Duty compliance? The Consumer Duty and how it will regulate financial service compliance is being widely discussed across the industry. The changes are significant and given that the FCA is now leading with more assertive supervision – a ‘show me
With less than three weeks to go until firms need to have a Consumer Duty Implementation Plan that is ready for FCA scrutiny, we continue our series considering the Duty’s four outcomes. After Nick McGruer, Head for Advisers, Wealth and Pensions at the FCA shared that independent financial
As the weeks continue to slip away, we spotlight the FCA’s four Consumer Duty outcomes: products and services, price and value, consumer understanding and consumer support. Here, Neil Dethick, Associate Director at TCC, focuses on outcome two: price and value. Ahead of the imminent Duty
The new Consumer Duty, which applies to existing FCA regulated products and services, as well as any new products expected to launch, is nearly here. Under the Duty, firms are required to have an Implementation Plan ready for scrutiny in just a few weeks where ‘firms will need to assess and eviden
Times are changing, and this can seem an overwhelming period for FCA-regulated firms as they get to grips with the new Consumer Duty and explore how they’ll become compliant. The pressing Implementation Plan deadline of Monday 31st October is now only a matter of weeks away, so we’re taking a cl
With the FCA’s deadline for implementation plans confirmed for 31st October 2022, firms should now be discerning how they’re going to adjust their business framework to satisfy the significant step up in oversight requirements as a matter of priority. But with only weeks left to prepare, how can
The wait is over, after over a year of debate, speculation and rumours from all corners of the industry, the regulator has now set out the formal set of rules for its long-touted Consumer Duty legislation. First formally proposed in May 2021, the Consumer Duty, as published on 27 July 2022, effect
Despite only weeks to go until the final Consumer Duty rules are announced, a recent survey by Royal London has found that almost one in five advisers are still unfamiliar with the new legislation - suggesting many firms remain unaware of the significant step-up in regulatory obligations awaiting th
With its focus on encouraging firms to take a bolder approach to customer care, the FCA intends the Consumer Duty to completely reframe how consumer protection is approached across financial services. But with so much focus on the ‘how’, it’s sometimes easy to forget why such an ambitious init
Replacing the previous Treating Customers Fairly (TCF) requirements, the Consumer Duty is expected to bring new standards of care across the entire client journey. But could it also lead to new operational challenges? In FT Adviser, Associate Director Neil Dethick outlines four potential complicat
United by the principle of ensuring firms do their part to provide a fair and transparent service for clients, regulators around the world have signalled their intent to continue strengthening consumer protections and raising standards further over the next few years. And between the incoming Consum
The FCA’s long-awaited Consumer Duty is expected to hold regulated firms to a whole new standard of customer care - and with less than a year until it comes into effect, businesses should be doing all they can now to ease the transition. In Money Marketing, Associate Director Juana Diaz-Landinez o
