62 Results found.
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
Business Systems, a leading provider of compliance and customer experience solutions, and TCC, a renowned consultancy firm specialising in financial services, and Recordsure, a unique AI RegTech provider, today announced they are joining forces to provide advisory services and ongoing support to add
Following on from its 2020 review work with firms involved with Lifetime Mortgages, the FCA mentioned again - in its Business Plan/strategy for 2022/23 - its concerns regarding the risk of poor (or unclear) advice in this sector. The FCA has been following up with firms where it has undertaken previ
In the FCA’s Business Plan for 2023/24, it prioritised reducing and preventing consumer harm, particularly in in financial promotions. The FCA has now published its Guidance Consultation on Financial Promotions on social media. Whilst firms may consider this to be aimed at ‘finfluencers’ and u
The Mortgage Charter and Handbook changes set out the standards for lenders in assisting customers during the cost of living crisis who are struggling with mortgage payments, through collaboration between lenders, government, the FCA, UK Finance and the Building Societies’ Association. With the ri
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
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
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
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
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
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 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
The British public is currently facing a perfect storm of inflation, price increases and fuel shortages that are putting more consumers than ever at real risk of financial difficulties. And it seems like every day, we’re presented with new and concerning figures painting a bleak forecast of the mo
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
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
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
