What happened?
TCC’s regulatory experts review the FCA’s findings, outline remaining risks and advise on next steps for firms. Plus, meet our new head of resourcing.
Wealth Managers signal the FCA’s ongoing advice review presented better findings than they expected
A recent TCC poll found that 72% of wealth managers viewed the recent FCA’s ongoing advice review as more positive than expected. However, the regulator’s findings should be taken with caution as they rely on self-reported data, not qualitative client reviews. TCC experts highlighted concerns over the reliance on adviser attestation, noting variability in the quality and consistency of responses. Hence, breathing a sigh of relief might be premature.
What risks remain for firms following the FCA’s ongoing advice review findings?
TCC hosted a compliance webinar addressing the risks that remain for wealth management firms as the outcome of the FCA ongoing advice review. Packed with expert insights and TCC’s house view, you can watch the full 30-minute webinar now.
Q&A: The important insights from the FCA’s ongoing advice review findings
Following the recent FCA publication of its ongoing advice review findings, TCC experts discuss the next steps, advice quality, disengagement strategies, and how to ensure future compliance in our latest Q&A session.
Joel Priest joins as Head of Advisory Resourcing
Joel Priest joins the TCC Strategic Resourcing team as the new Head of Advisory Resourcing. Joel’s advisory resourcing and client engagement expertise are critical to TCC’s mission to continue empowering financial services firms with perfectly matched, highly-skilled interim resource to drive operational success.
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Frequently asked questions
Why were the FCA's findings surprisingly positive?
Because they relied on self-reported survey data from firms, which can mask qualitative gaps in individual client files.
What evidence does the FCA expect for an ongoing review?
The FCA expects to see updated KYC, an attitude-to-risk assessment, and a suitability report or clear proof of client contact.
Does the review apply retrospectively?
Yes, wealth managers are expected to assess their reviews and client engagement history going back to January 2018.
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Reviewed by TCC Group Editorial Team