37 Results found.

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.

A closer look at the FCA’s Consumer Duty expectations

Insight — 20/03/23
Further guidance on the FCA’s Consumer Duty expectations has been coming thick and fast in recent weeks and months.   In January, the regulator published findings from its review of larger ‘fixed’ firms Implementation Plans, in a bid to spotlight good practice whilst noting key areas for

Three steps to the Consumer Duty starting line

Insight — 26/01/23
In just over six months’ time, the Consumer Duty will be a regulatory reality for FCA regulated organisations, and so the clock is ticking for businesses to ensure their new and existing products and processes are compliant by 31st of July 2023. This momentous shift to a more assertive form of sup

Prepare for 2023: The importance of robust evidencing for Equity Release firms

Insight — 12/01/23
There was cause for optimism for providers and intermediaries according to Equity Release Council statistics in the third quarter of 2022. An increase of over 8% in equity release plans compared to the previous quarter – over 13,000 in total – is a promising uplift in post-pandemic business leve

Three steps to review your Retirement Income advice

Insight — 20/12/22
Earlier this month, the FCA released a Portfolio Strategy letter emphasising their continued focus on the suitability of advice for Financial Advisers and Intermediaries.   The latest Portfolio Strategy communication confirmed the FCA’s drive regarding advice to British Steel Pension Scheme m

Webinar recap: Understanding the Consumer Duty’s good customer outcomes

Insight — 28/11/22
Last week Consumer Duty expert and TCC’s Associate Director, Neil Dethick joined a specialist panel that continued a Duty focussed webinar series, hosted by Recordsure in partnership with BSA.   Host, Recordsure’s Chief Product Officer Garry Evans, was joined by Ex-FCA and now Senior Produc

A helpful summary of the FCA’s four Consumer Duty outcomes

Insight — 26/10/22
The hugely significant shift towards the FCA’s new Consumer Duty will culminate in its first deadline on Monday 31st October, when Implementation Plans needs to be ready for regulatory scrutiny. Under the Duty’s overarching Consumer Principle of ‘A firm must act to deliver good outcomes for re

FCA Outcome 4: Consumer support

Insight — 19/10/22
In a matter of days, the Consumer Duty’s first critical deadline of having Implementation Plans ready for review will be upon us. Last week, Chief Operating Officer and Executive Director at the FCA, Emily Sheppard spoke about the Duty at the CISI/Financial Planning Conference 2022 and explained

Five need-to-know Consumer Duty practicalities

Insight — 12/10/22
1. How will the FCA assess your firm’s Consumer Duty compliance? The Consumer Duty and how it will regulate financial service compliance is being widely discussed across the industry. The changes are significant and given that the FCA is now leading with more assertive supervision – a ‘show me

FCA Outcome 3: Consumer understanding

Insight — 11/10/22
With less than three weeks to go until firms need to have a Consumer Duty Implementation Plan that is ready for FCA scrutiny, we continue our series considering the Duty’s four outcomes.   After Nick McGruer, Head for Advisers, Wealth and Pensions at the FCA shared that independent financial

FCA Outcome 2: Price and value

Insight — 04/10/22
As the weeks continue to slip away, we spotlight the FCA’s four Consumer Duty outcomes: products and services, price and value, consumer understanding and consumer support.     Here, Neil Dethick, Associate Director at TCC, focuses on outcome two: price and value. Ahead of the imminent Duty

FCA outcome 1: products and services

Insight — 27/09/22
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

Three key steps to ensuring Consumer Duty readiness

Insight — 24/08/22
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

Implementing the Consumer Duty: what are the foreseeable challenges?

Insight — 12/04/22
Replacing the previous Treating Customers Fairly (TCF) requirements, the Consumer Duty is expected to bring new standards of care across the entire client journey. But could it also lead to new operational challenges? In FT Adviser, Associate Director Neil Dethick outlines four potential complicat