141 Results found.
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
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
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
The FCA has written a new Dear CEO letter to financial advice firms on 20th March 2024, asking senior leaders to review their current processes and policies surrounding retirement income advice and their control framework. The regulator’s latest correspondence follows the release of its thematic r
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
Ongoing advice services and any associated charges have been firmly on the FCA’s radar for over a year, after first being signposted as a cause for concern in the Portfolio Strategy Dear CEO letter to Financial Advisers and Intermediaries in December 2022. The regulator indicated it would b
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
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
On 11th January, the FCA announced plans to issue S166 Requirement Notices to several motor finance firms over historical sales practices. The notice raised new concerns over discretionary commission agreements, which were banned in 2021, as the regulator felt they ‘give motor finance brokers/deal
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
The FCA has reiterated the importance of firms being alert to indicators of potential vulnerability for clients seeking advice on defined benefit pensions. Its latest guidance provides businesses with a summary of possible circumstances Defined Benefit (DB) customers could find themselves in
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
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
Fixed-rate mortgages continue to dominate the headlines, as the average two-year fixed rate rose to 6.66% earlier this month - the highest level in 15 years. So, with more and more households struggling to make ends meet, the focus remains on mortgage firms to demonstrate how they can help these con
Citywire recently revealed that the FCA has issued a new in-depth survey to around 1,300 firms to gain a better understanding of their approach to assessing and reviewing key risk indicators (KRIs) for retirement income advice. The regulator had originally intended to review the retirement advice ma
An unfortunate but sadly unavoidable side effect of the current cost-of-living crisis is the increase in consumers who will face difficulty in meeting their ongoing mortgage repayments. In the first quarter of 2023, 76,630 homeowner mortgages were in arrears of 2.5% or more of their outstandi
The number of borrowers struggling to keep up with bill and credit payments has risen by 3.1 million in May 2023 when compared to the same time last year, the FCA has reported. These figures were released as the regulator doubled-down its commitment in supporting those consumers in financial
On 12th May, the FCA published its latest Dear CEO letter, which outlines specific guidance for Self-Invested Personal Pension (SIPP) operators towards implementing and complying with the Consumer Duty along with other concerns in this market. Noting the increased risk that many SIPPs carry due to t
Marking the second phase of its three-year campaign to improve outcomes for financial services consumers, the FCA’s Business Plan 2023/24 outlines its key ambitions for the year ahead. And with British consumers currently grappling with cost-of-living challenges from seemingly all directions, it
Earlier this month, the FCA published the findings from its latest thematic review exploring how firms are approaching their Fair Value assessments in the run-up to the new Consumer Duty launch on 31st July. The research aimed to understand how businesses across different areas of financial services
The financial pressure on consumers has further increased this April, with many witnessing a persistent rise in their bills. Energy costs continue to escalate in line with the energy price cap increase – along with spikes in other utilities such as council tax, water and broadband costs. This fres
The FCA has today launched its Business Plan 2023/24, outlining its regulatory priorities, concerns and objectives for the coming 12 months. The wide-ranging plan seeks to further the regulator’s ongoing mission to improve customer outcomes and promote greater accountability within financial servi
First published last year, the FCA’s strategy for 2025 highlighted three main areas for improvement over the next few years: promoting competition and positive change, setting and testing higher standards, and reducing and preventing serious harm. And given the economic challenges we’ve seen eme
The role of AI and innovation in Consumer Duty’s future The Consumer Duty is the start of a new evidence-based, outcome focussed era of regulation. And with the 31st of July deadline fast approaching, firms face the challenge of monitoring and evidencing their compliance to the four main outcomes.