19 Results found.

Rethinking vulnerability for the Consumer Duty era

Insight — 05/12/22
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

Webinar recap: Understanding the Consumer Duty’s good customer outcomes

Insight — 28/11/22
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

A helpful summary of the FCA’s four Consumer Duty outcomes

Insight — 26/10/22
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

FCA Outcome 4: Consumer support

Insight — 19/10/22
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

Consumer Duty compliance: how should firms approach the Four Outcomes?

Insight — 19/10/22
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

Five need-to-know Consumer Duty practicalities

Insight — 12/10/22
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

FCA Outcome 3: Consumer understanding

Insight — 11/10/22
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

FCA Outcome 2: Price and value

Insight — 04/10/22
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

FCA outcome 1: products and services

Insight — 27/09/22
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

Three key steps to ensuring Consumer Duty readiness

Insight — 24/08/22
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

Consumer Duty myth-busting: what do firms need to know?

Insight — 15/07/22
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

The top ten aims of the Consumer Duty

Insight — 12/05/22
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

Implementing the Consumer Duty: what are the foreseeable challenges?

Insight — 12/04/22
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

Three ways digital transformation is strengthening compliance

Insight — 29/03/22
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

How prepared are you for the Consumer Duty?

Insight — 25/03/22
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