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TCC’s team of experts has become aware of some firms being challenged by the FCA on their product governance arrangements, following Consumer Duty work by the regulator in the insurance sector. The regulator is particularly concerned about the lack of cohesive criteria used in fair value as
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
“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
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
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
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
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
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 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
As financial service firms await the findings from the FCA’s survey of 20 of the largest ongoing advice service providers, it’s an important time to consider assets under advice and their associated charges. The regulator is collating data about: The number of clients who were due a review about
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
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
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
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
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
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
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
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
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
