72 Results found.

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

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

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

Eight steps to implement to support customers in financial distress

Insight — 20/03/24
The 18th-24th March marks the tenth Debt Awareness Week which is coordinated by StepChange Debt Charity. In concurrence and to spotlight the issues associated with problem debt, the FCA has joined forces with other regulators to warn financial service firms about debt collection activity and the str

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

Delivering better customer outcomes under the Consumer Duty

Insight — 08/11/23
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

Collaborating to implement best Consumer Duty practice

Insight — 07/11/23
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

Why firms need to be challenging themselves on price and value

Insight — 26/09/23
In the run-up to the Consumer Duty, the regulator called on firms to re-examine their charging structures to ensure compliance with the new legislation’s Price & Value outcome. However, our benchmarking study found that half of firms had no plans to change their fee model, reporting they were

Almost 400 later life mortgage promotions identified as misleading

Insight — 19/09/23
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

The impact of the cost-of-living crisis on debt consolidation

Insight — 12/09/23
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

A peak of interest-only mortgages is set to mature in less than a decade

Insight — 17/08/23
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

FCA warns of risk posed by poor mortgage advice amid cost-of-living crisis

Insight — 03/08/23
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

FCA publishes Guidance Consultation on Financial Promotions on social media

Insight — 02/08/23
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

FCA issues new customer support guidance for insurance firms

Insight — 01/08/23
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

AI RegTech helps mortgage firms monitor and evidence outcomes

Insight — 19/07/23
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

Act now for a compliant future:

Insight — 09/06/23
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

Your complete guide to the FCA’s Business Plan 2023/24

Insight — 26/05/23
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

Consumer Duty: Four key lessons from the FCA’s Fair Value Frameworks review

Insight — 24/05/23
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