75 Results found.

FCA fines highlight the need for better customer support

Insight — 24/10/24
Two recent huge fines imposed by the FCA have once again spotlighted the ongoing need for improvement across all forms of financial service lending. It highlights that firms need to ensure that customers are receiving effective support and good outcomes in periods when they experience financial diff

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

Five key questions to consider when changing your advice model

Insight — 22/08/24
Recently there has been an uptick in investment advice firms looking to make some material changes to their propositions, TCC’s regulatory experts report.   For example, some advisers are looking to introduce in-house investment platforms or to manage portfolios on a discretionary basis, to i

Discretionary commission arrangements review – do I need to act?

Insight — 22/08/24
“Firms who expect the Barclays hearing to result in this issue going away may be disappointed and left trying to catch up on a number of critical risks.” Gary Maude, Director of Advisory Practice, TCC Group Background It's been widely reported that the FCA is conducting a review into whether mot

Five key priorities for long-term Consumer Duty success

Insight — 09/08/24
TCC recently hosted a multi-sector Consumer Duty forum to review ongoing industry risks and challenges whilst providing the opportunity to benchmark progress against financial service peers. In this post-forum evaluation, we consider the five key themes from the day and examine them in greater detai

When ‘safe harbours’ become unsafe

Insight — 07/08/24
As the dust settles on the Consumer Duty landscape one year after it was first introduced, TCC has been keen to gauge industry feedback on how the Duty has been embedded thus far. With this in mind, we’ve hosted two Consumer Duty forums over the past six months – totalling attendance from approx

Eight essentials for looming Consumer Duty assessments

Insight — 13/06/24
The 31 July was a date firmly etched on minds across the industry this time last year, as the Consumer Duty became the new compliance standard for all regulated firms. This year, the date remains circled in business diaries as the day boards are required to have conducted their annual assessments. I

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

Consumer Duty: What does the FCA expect from ongoing advice services?

Insight — 04/04/24
The regulator has written to 20 major financial advice firms to request information on their ongoing advice charges, signalling its intention to place a spotlight on the ways firms are revising their approach in line with the Consumer Duty’s fair value and consumer understanding requirements. In M

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

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

Assessing vulnerability: How can firms help mitigate risks of DIY SIPPs?

Insight — 09/02/24
A recent Financial Ombudsman Service decision has highlighted the risks of DIY SIPP arrangements – particularly for customers displaying signs of vulnerability such as gambling addiction. In this FT Adviser feature, TCC’s Head of Advisory Practice, Gary Maude, gives his expertise regarding firms