56 Results found.

A reflection: Identifying potentially vulnerable customers then and now

Insight — 11/06/24
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

How to deliver fair treatment to customers who are (or may become) vulnerable

Insight — 06/06/24
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

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

Putting customers first: Preparing for your Consumer Duty annual assessment

Insight — 12/01/24
The FCA rounded up 2023 by publishing its findings into the retail banking Consumer Duty multi-firm review.   This comprehensive publication has a read-through across all sectors of the financial service industry and reminds firms that they should expect the FCA to ask for their annual Consumer

2024 in focus: Are you prepared for the January resource rush?

Insight — 13/12/23
It goes without saying that 2023 has been challenging for businesses and their customers alike. The consumer tendency to over-stretch finances during the Christmas and winter holiday season is not new. Yet, at the end of the 12 months of a demanding period with a cost-of-living crisis and frequent m

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

Consumer Duty and fair value: where are you now?

Insight — 20/09/23
After years of consultation and planning, the Consumer Duty came into force on 31st July 2023, demanding higher standards of customer care and calling upon FCA-regulated financial businesses to ‘act to deliver good outcomes for retail customers’.   Central to this vision is the pledge that

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 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

Three key themes from the FCA’s Fair Value assessment review

Insight — 21/07/23
Published in May 2023, the FCA's Consumer Duty price and value assessment review examined the frameworks of 14 (predominantly large) financial businesses - highlighting areas that successfully aligned with the regulator's vision for the future, alongside some key areas where firms were falling short

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

Consumer Duty: what does the FCA expect from SIPP operators?

Insight — 06/06/23
On 12th May, the FCA published its latest Dear CEO letter, which outlines specific guidance for Self-Invested Personal Pension (SIPP) operators towards implementing and complying with the Consumer Duty along with other concerns in this market. Noting the increased risk that many SIPPs carry due to t

Three need-to-know regulatory changes on the FCA’s agenda

Insight — 31/05/23
Building on the priorities outlined in last year's Strategy 2022-2025 announcement, the FCA's latest Business Plan re-iterated its commitment to improving customer outcomes by pledging to introduce a host of new, more stringent requirements for regulated firms over the coming the financial year. In

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

FCA Business Plan: Consumer care tops regulatory agenda for 2023/24

Insight — 05/04/23
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

Why firms need to get serious about Disclosure for Consumer Duty success

Insight — 30/03/23
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

RegTech to support Wealth Managers and the Consumer Duty outcomes

Insight — 22/03/23
The role of AI and innovation in Consumer Duty’s future The Consumer Duty is the start of a new evidence-based, outcome focussed era of regulation. And with the 31st of July deadline fast approaching, firms face the challenge of monitoring and evidencing their compliance to the four main outcomes.