What happened?
The landscape of ongoing advice servicing is being scrutinised by the FCA, and soon, the regulator is likely to release more details about what it expects from firms.
In the interim, the experts at TCC have considered what proactive steps firms can take now to stay one step ahead. We’ve compiled seven critical topics for ongoing advice standards you won’t want to miss.
- Positive start to the customer journey
- Deliver ongoing advice proactively
- The timing of ongoing advice
- Meeting the requirements of advice
- The customer’s information needs must be met
- Deliver fair value
- Refund policy
The past influencing the present
We all understand that the past shapes our present. PPI claims, pension reviews and s166 assessments frequently emerge from companies opting for shortcuts or making decisions driven solely by profit. Such actions create a hidden time bomb of risks that may lie dormant for years, but when they surface, the consequences are magnified by the duration these risks have been ignored.
Both collective and individual responsibilities come into play when firms mishandle ongoing service charges – and the expense of rectifying mistakes can far surpass the penalty itself, with individuals also facing liability and reprimand.
Recommendations
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Supporting sources
Frequently asked questions
What are the seven topics in TCC's ongoing advice guide?
They cover the customer journey, proactive delivery of ongoing advice, timing, meeting the requirements of advice, customer information needs, fair value and refund policy.
Why does TCC compare this to PPI and pension review cases?
Because past shortcuts in ongoing servicing created risks that stayed hidden for years before surfacing at a much higher cost, a pattern the guide warns firms to avoid repeating.
Who can help firms address these topics?
TCC, working with its sister company Recordsure, offers advisory, managed services and AI-based tools to review, manage and evidence ongoing advice.
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Reviewed by TCC Group Editorial Team