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Following the FCA's release of its findings into its recent ongoing advice review, TCC’s Chief Product and Commercial Officer Garry Evans catches up with our Technical Director David Boyhan – who specialises in wealth management to unpack all the detail. In the first of this five-part mini-serie
Back in February 2024, following concern from the FCA that ongoing advice services may not have always been delivered as they should have been, the regulator requested data from 22 of the largest advice firms. The data survey asked firms to submit information about the number of clients who w
After months of speculation, the FCA has released its findings into its ongoing advice service review, with the key takeaway that suitability reviews were delivered in the ‘vast majority’ – 83% of cases. The analysed data provided by 22 of the largest financial advice firms also reported that
In December, the FCA highlighted the need for firms to enhance the quality of their data concerning Consumer Duty board reports. It stated, “Some firms did not have sufficient data quality to justify conclusions or to give governing bodies adequate assurance that firms are meeting their obligation
It’s been 18 months since the Consumer Duty became the FCA’s benchmark for standards regarding consumer protection in financial services. And as firms continue to navigate this transformative era, TCC’s regulatory experts have taken stock of the frequent questions and obstacles that firms face
The landscape of ongoing advice servicing is being scrutinised by the FCA, and soon, the regulator is likely to release more details about what it expects from firms. In the interim, the experts at TCC have considered what proactive steps firms can take now to stay one step ahead. We’ve com
For a number of years, the FCA has stated it strives to be a data-led regulator and with the regulatory spotlight currently shining on ongoing advice services and motor finance, the time has never been more apt for firms to consider how they collate and use their data effectively. In his latest Mon
Only one month into 2025, the financial services sector is already abuzz with discussions and analyses concerning the diverse compliance and regulatory challenges anticipated this year. These topics were at the forefront of our recent TCC compliance forums, hosted by our in-house regulatory speciali
Ongoing advice servicing is currently the biggest challenge for the wealth sector and probably will be for some years to come. Paying for what you don't need or receive One of the key concerns from the FCA – one that it has had for several years – is that many advice clients sign up for a
Two recent huge fines imposed by the FCA have once again spotlighted the ongoing need for improvement across all forms of financial service lending. It highlights that firms need to ensure that customers are receiving effective support and good outcomes in periods when they experience financial diff
The FCA has revealed that TSB Bank plc has been fined £10.9m over their treatment of customers who faced financial difficulty. The regulator also identified that TSB did not have adequate systems and controls in place to ensure fair treatment and outcomes for these customers. In response, TS
On the 7th October, the FCA wrote a portfolio strategy letter summarising its priorities and expectations for financial advisers and investment intermediaries over the next two years. This important communication from the regulator is a key publication for the financial advice sector. It’s
TCC’s team of experts has become aware of some firms being challenged by the FCA on their product governance arrangements, following Consumer Duty work by the regulator in the insurance sector. The regulator is particularly concerned about the lack of cohesive criteria used in fair value as
Recently there has been an uptick in investment advice firms looking to make some material changes to their propositions, TCC’s regulatory experts report. For example, some advisers are looking to introduce in-house investment platforms or to manage portfolios on a discretionary basis, to i
“Firms who expect the Barclays hearing to result in this issue going away may be disappointed and left trying to catch up on a number of critical risks.” Gary Maude, Director of Advisory Practice, TCC Group Background It's been widely reported that the FCA is conducting a review into whether mot
TCC recently hosted a multi-sector Consumer Duty forum to review ongoing industry risks and challenges whilst providing the opportunity to benchmark progress against financial service peers. In this post-forum evaluation, we consider the five key themes from the day and examine them in greater detai
As the dust settles on the Consumer Duty landscape one year after it was first introduced, TCC has been keen to gauge industry feedback on how the Duty has been embedded thus far. With this in mind, we’ve hosted two Consumer Duty forums over the past six months – totalling attendance from approx
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
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
As financial service firms await the findings from the FCA’s survey of 20 of the largest ongoing advice service providers, it’s an important time to consider assets under advice and their associated charges. The regulator is collating data about: The number of clients who were due a review about
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
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
Ongoing advice services and any associated charges have been firmly on the FCA’s radar for over a year, after first being signposted as a cause for concern in the Portfolio Strategy Dear CEO letter to Financial Advisers and Intermediaries in December 2022. The regulator indicated it would b
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
