Ongoing advice remains high on the regulator’s radar

TCC Group recently featured in Money Marketing’s article, which explored the FCA’s ongoing scrutiny of advice firms and their delivery of ongoing advice services. Speaking at Intelliflo’s Innovate conference, TCC Technical Director Jason Wintie highlighted that the FCA is expected to follow up with the 22 firms already reviewed and may widen its information requests to more firms. He also noted that lessons from remediation activity and Section 166 reviews could influence future regulatory changes.

The FCA’s focus has moved beyond whether annual reviews took place and now extends to how firms evidence the quality, consistency and value of ongoing advice. Firms are expected to maintain robust systems, clear standards, effective client engagement processes and comprehensive records that demonstrate reviews have been delivered in line with regulatory expectations. With Consumer Duty continuing to shape supervisory activity, firms that cannot evidence ongoing advice delivery may face increased scrutiny, remediation requirements and potential customer harm risks.