48 Results found.
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
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
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
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
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
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
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
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
