Guidance

Ongoing advice: Navigating the FCA’s areas of focus

Recently featured in Money Marketing, TCC Group CEO Joe Norburn explores the FCA’s latest focus on ongoing advice services and the expectations facing financial advice firms. With ongoing advice now central to most firms’ business models, the FCA is challenging firms to demonstrate that services are clearly defined, consistently delivered and providing fair value, with stronger oversight, monitoring and evidence of customer outcomes becoming increasingly important.

What happened?

Recently featured in Money Marketing, Joe Norburn examines the FCA’s latest survey of the financial advice sector and its proposed reforms to investment and pension advice rules. The FCA found that 88% of retail clients receive ongoing advice services and highlighted opportunities for firms to strengthen oversight, review more client files, improve service delivery testing and make greater use of management information to monitor outcomes. The regulator is also consulting on changes to how ongoing advice services are defined, delivered and assessed.

Why does it matter?

Ongoing advice represents a significant proportion of adviser revenue and remains a key area of regulatory focus. The FCA’s proposals signal a shift away from prescriptive processes towards outcomes-based oversight, placing greater emphasis on evidencing client value, demonstrating fair value, and ensuring services meet the needs of their target market. Firms that cannot clearly evidence service delivery and customer outcomes may face increased regulatory scrutiny.

Supporting sources

  1. Joe Norburn: Ongoing advice and the FCA’s areas of focus

Reviewed by TCC Group Editorial Team

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