104 Results found.
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
When the ongoing rapid rises in the cost of food, transportation and energy first began early this year, many commentators were quick to warn we’d see an eventual avalanche of individuals struggling with their finances. And six months on, the most recent data suggests that – for an increasing cr
