What happened?
Business Systems, TCC and Recordsure have announced a collaboration to provide advisory services and ongoing support for firms addressing the Consumer Duty, which came into force on 31 July 2023.
The partnership brings together Business Systems’ compliance and customer experience solutions, TCC’s financial services consultancy expertise and Recordsure’s AI RegTech capability to offer tailored consultancy services covering regulatory gap analysis, policy and procedures, monitoring and reporting, and remediation and implementation.
Joe Norburn, CEO at TCC and Recordsure, and Adam Kantor, CEO at Business Systems, both welcomed the collaboration as a way to help clients embrace the Consumer Duty and strengthen customer trust.
Why does it matter?
The Consumer Duty places significant responsibility on financial institutions to act in customers’ best interests and to evidence fair treatment and improved outcomes, which many firms are still working to embed.
By combining compliance expertise with established technology, the partnership aims to help firms move from gap identification through to ongoing monitoring, reporting and remediation, rather than treating the Duty as a one-off compliance project.
Who is affected?
The collaboration is aimed at regulated firms across banking, lending, wealth management, pensions, insurance, payments and motor finance that need to demonstrate Consumer Duty compliance to the FCA.
Actions to take
- Carry out a regulatory gap analysis against the Consumer Duty’s requirements.
- Develop policies and procedures covering products and services, price and value, consumer understanding and consumer support.
- Establish reporting systems and insight dashboards to track progress and evidence outcomes to the regulator.
- Review and implement remediation to ensure long-term compliance with the new rules.
Wider implications
The partnership reflects a wider trend of specialist compliance and technology providers combining expertise to help firms meet outcome-focused regulation rather than relying on a single adviser or system.
Recommendations
Firms should treat Consumer Duty compliance as an ongoing programme, using gap analysis to prioritise action, and monitoring and reporting to evidence outcomes over time rather than as a one-off exercise.
Supporting sources
Frequently asked questions
What does the Business Systems, TCC and Recordsure partnership cover?
The partnership provides advisory services and ongoing support for the Consumer Duty, including regulatory gap analysis, policy and procedures, monitoring and reporting, and remediation and implementation.
When did the Consumer Duty come into effect?
The Consumer Duty came into effect on 31 July 2023 and requires financial institutions to act in the best interests of their customers.
Who is behind the collaboration?
The collaboration brings together Business Systems, a provider of compliance and customer experience solutions, TCC, a financial services consultancy, and Recordsure, an AI RegTech provider.
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- 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.