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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
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
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 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.
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
When it comes to supporting your compliance and conduct goals, you need a compliance consultancy partner that’s well-versed in the regulatory requirements forward-thinking and trusted by your industry peers. With TCC, that’s precisely what you get – and more. We’re proud to be one of the
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
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
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
As the new FCA’s S165 data collection for Principal firms comes into action this Thursday 8th December 2022, let’s remind ourselves what is changing – and why it’s critical to act now. Last year it was widely reported across the press that David Cameron lobbied for Greensill Capital (where h
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
On Monday, 31st October 2022, TCC’s Associate Director and Consumer Duty expert Neil Dethick joined the first of three Consumer Duty focused webinars, hosted in partnership with the BSA and Recordsure. The specialist panel – featuring Recordsure’s Programme Director Adeline Han and Chie
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
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
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
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
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
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
Times are changing, and this can seem an overwhelming period for FCA-regulated firms as they get to grips with the new Consumer Duty and explore how they’ll become compliant. The pressing Implementation Plan deadline of Monday 31st October is now only a matter of weeks away, so we’re taking a cl
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
Earlier this week, the FCA published a new policy statement outlining several planned improvements to the Appointed Representatives (AR) regime, which entails a number of new responsibilities for principal firms. The changes are brought to increase the amount of supervision principals are required t
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
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
