335 Results found.

FCA Business Plan: 2024/25

Insight — 28/03/24
The FCA has released its annual Business Plan for 2024/25, which sets out its primary objectives over the coming financial year and marks the concluding part of its three-year strategy (2022-2025) to drive positive transformation within the financial services market. The Business Plan restates the F

Regulatory focus on the needs of vulnerable customers for 2024

Insight — 26/03/24
This month the FCA has published multiple communications which will ultimately impact how financial service firms treat customers in vulnerable circumstances. [two_third padding="10px 30px 0px 0px"] Here, TCC's Director of Advisory Practice, Gary Maude, outlines why it's a critical time for finance

FCA announces review into firms’ approaches to vulnerability for 2024

Insight — 20/03/24
On 15th March 2024, the FCA announced plans for a wide-ranging review into the actions firms are taking to identify and respond to the needs of vulnerable customers. The long-awaited review, which was first outlined in 2017, is expected to go further than the originally planned work on age-related i

Eight steps to implement to support customers in financial distress

Insight — 20/03/24
The 18th-24th March marks the tenth Debt Awareness Week which is coordinated by StepChange Debt Charity. In concurrence and to spotlight the issues associated with problem debt, the FCA has joined forces with other regulators to warn financial service firms about debt collection activity and the str

Compliance in focus: Your experts’ guide to Consumer Duty annual assessments

Insight — 29/02/24
During its recent multi-firm review, the FCA urged boards to place the Consumer Duty at the top of their regulatory agenda – re-iterating how, along with senior leadership, they will ultimately bear responsibility for the outcomes achieved for customers. Ahead of the one-year anniversary of the le

Three steps to preparing for a motor finance redress scheme

Insight — 28/02/24
The FCA’s recent announcement of a full-scale review into complaints handling within the motor finance sector could be the first sign of a significant redress programme on the horizon for brokers and lenders – on a similar scale to the PPI scandal. [two_third padding="10px 30px 0px 0px"] Here, T

Assessing vulnerability: How can firms help mitigate risks of DIY SIPPs?

Insight — 09/02/24
A recent Financial Ombudsman Service decision has highlighted the risks of DIY SIPP arrangements – particularly for customers displaying signs of vulnerability such as gambling addiction. In this FT Adviser feature, TCC’s Head of Advisory Practice, Gary Maude, gives his expertise regarding firms

Equity Release: Get your five-step guide to Consumer Duty compliance

Insight — 02/02/24
Later life mortgages and equity release have returned to the regulatory spotlight in recent months following a wide-ranging review that raised concerns over advertising and advice standards within the market. The review dovetailed with the recently implemented Consumer Duty legislation, which mandat

TCC and Recordsure welcome aboard Richard Lee as Client Account Director

Insight — 17/01/24
Kicking off the new year with an exciting new addition, we’re very glad to welcome digital transformation specialist Richard Lee to the TCC and Recordsure team. As an experienced Client Account Director, Richard’s role will see him devising tailored solutions for our clients – incorporating TC

Putting customers first: Preparing for your Consumer Duty annual assessment

Insight — 12/01/24
The FCA rounded up 2023 by publishing its findings into the retail banking Consumer Duty multi-firm review.   This comprehensive publication has a read-through across all sectors of the financial service industry and reminds firms that they should expect the FCA to ask for their annual Consumer

Regulatory due diligence: Examining firms’ priorities for 2024

Insight — 10/01/24
2023 proved to be another busy year for acquisitions within financial services - and despite the relatively higher cost of borrowing, this trend shows no sign of stopping into the new year. But with DB Transfers now being considered Business As Usual (BAU) by the regulator, where should firms be foc

2024 in focus: Are you prepared for the January resource rush?

Insight — 13/12/23
It goes without saying that 2023 has been challenging for businesses and their customers alike. The consumer tendency to over-stretch finances during the Christmas and winter holiday season is not new. Yet, at the end of the 12 months of a demanding period with a cost-of-living crisis and frequent m

Four steps to building an effective Retirement Income proposition

Insight — 13/11/23
In June, the FCA re-iterated its focus on retirement income as a regulatory priority, requesting information from more than 1,000 firms on their approach to managing areas including processes, fees, incentives and controls via an 87-question survey. The regulator is expected to issue further communi

World Mental Health Day 2023: Why it matters

Insight — 10/10/23
Today, TCC and Recordsure are proud to be celebrating the World Mental Health Day (WMHD) initiative, which aims to raise awareness of mental health issues and drive positive change surrounding mental health treatment and advocacy. Held annually on 10th October, the World Foundation of Mental Health

Why firms need to be challenging themselves on price and value

Insight — 26/09/23
In the run-up to the Consumer Duty, the regulator called on firms to re-examine their charging structures to ensure compliance with the new legislation’s Price & Value outcome. However, our benchmarking study found that half of firms had no plans to change their fee model, reporting they were

Consumer Duty and fair value: where are you now?

Insight — 20/09/23
After years of consultation and planning, the Consumer Duty came into force on 31st July 2023, demanding higher standards of customer care and calling upon FCA-regulated financial businesses to ‘act to deliver good outcomes for retail customers’.   Central to this vision is the pledge that

A peak of interest-only mortgages is set to mature in less than a decade

Insight — 17/08/23
Mortgage firms should act now to support ‘challenged’ borrowers who may struggle to repay at maturity, in planning for this risk of serious customer detriment.   The number of borrowers on interest-only mortgages is lower than 1 million, consumer research from the FCA has revealed. This is

FCA warns of risk posed by poor mortgage advice amid cost-of-living crisis

Insight — 03/08/23
Following on from its 2020 review work with firms involved with Lifetime Mortgages, the FCA mentioned again - in its Business Plan/strategy for 2022/23 - its concerns regarding the risk of poor (or unclear) advice in this sector. The FCA has been following up with firms where it has undertaken previ

FCA publishes Guidance Consultation on Financial Promotions on social media

Insight — 02/08/23
In the FCA’s Business Plan for 2023/24, it prioritised reducing and preventing consumer harm, particularly in in financial promotions. The FCA has now published its Guidance Consultation on Financial Promotions on social media. Whilst firms may consider this to be aimed at ‘finfluencers’ and u