What happened?
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 fourth instalment of the five-part mini-series, Garry asks David how the review’s findings relate to the Consumer Duty. Watch part four now to learn more or read the transcript below.
Watch part four:
Frequently asked questions
How do ongoing advice reviews relate to the Consumer Duty?
Ongoing advice reviews provide the empirical evidence (MI) needed to prove in the annual board report that clients are receiving fair value and that the advisory services paid for are actually delivered.
What historical data does the FCA expect advice firms to have?
The FCA expects advice firms to have accessible management information and client file data dating back to 2018 to justify fees and prove service delivery.
- Wealth DFM: When should firms use on-demand financial crime expertise?Analysis & Perspectives · October 14, 2026
- Motor finance redress moves towards its next legal milestoneRegulatory Horizon · October 14, 2026
- What does growing investor trust in AI mean for wealth management?Analysis & Perspectives · October 6, 2026
- Can the FCA Handbook API make compliance simpler?Analysis & Perspectives · October 2, 2026
- BankingTCC helps retail banks, challenger banks, building societies and specialist banking providers strengthen governance, manage financial crime risk and demonstrate good customer outcomes. Our specialists support Consumer Duty, remediation, regulatory transformation, FCA intervention and compliance assurance programmes through advisory, managed services, specialist resourcing and technology-enabled compliance. With more than 25 years of experience supporting FCA-regulated firms, we help banks respond confidently to regulatory scrutiny while strengthening operational resilience and customer trust.
- General Insurance & ProtectionTCC helps insurers, brokers, MGAs and protection providers evidence fair value, strengthen customer outcomes and identify emerging customer harm. We assess product governance, claims performance, distribution oversight and vulnerability risks, helping firms create regulator-ready evidence, improve operational performance and demonstrate that products and services deliver value throughout the customer lifecycle.
- Lending & Consumer CreditTCC helps consumer credit firms evidence good outcomes, strengthen affordability and vulnerability frameworks, and manage complaints, remediation and regulatory risk. We support lenders with practical, regulator-ready compliance programmes that improve governance, customer treatment and operational resilience.
- Motor FinanceTCC helps motor finance lenders, brokers and providers assess redress exposure, prepare for large-scale customer reviews and strengthen complaints, affordability and Consumer Duty frameworks. We combine regulatory advisory, managed operations, specialist resource and technology-enabled assurance to deliver consistent customer outcomes, robust governance and regulator-ready evidence under heightened FCA scrutiny.
Reviewed by TCC Group Editorial Team