298 Results found.
As financial service firms await the findings from the FCA’s survey of 20 of the largest ongoing advice service providers, it’s an important time to consider assets under advice and their associated charges. The regulator is collating data about: The number of clients who were due a revie
The FCA has released the findings of its multi-firm review, which assessed motor insurance firms’ claims handling processes for valuing stolen or written off vehicles. The review outlines crucial steps the regulator now expects firms to take to ensure they’re delivering good outcomes for custome
The regulator has written to 20 major financial advice firms to request information on their ongoing advice charges, signalling its intention to place a spotlight on the ways firms are revising their approach in line with the Consumer Duty’s fair value and consumer understanding requirements. In M
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
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
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
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
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
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
Earlier this month, the FCA published a Dear CEO letter to wealth management firms urging them to take immediate action to help prevent financial crime and meet their Consumer Duty requirements. In the letter, the regulator confirms CEOs are accountable for ensuring FCA requirements and expec
The regulator’s review into later life mortgage providers, published on the 14th of September 2023, took a deep dive into the advice standards and mortgage advertising of the firms collectively responsible for around half of all the UK’s later life mortgage sales. The review is focused on the eq
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
Only 41% of adults have confidence in the UK financial service industry according to the latest Financial Lives Survey conducted by the FCA. This alarming statistic comes a year on from when firms first built and scrutinised their Consumer Duty implementation plans. And now, regulated busines
For over three months, the Consumer Duty has been a regulatory reality and mandates that all FCA administered firms deliver a higher standard of customer care with consumer protection at its core. And as many firms continue to explore how this is implemented according to the Consumer Duty’s
As firms prepare to demonstrate that the Consumer Duty has been effectively implemented within their organisation, TCC is finding that a material number of firms are still facing obstacles: Delegating too much to project managers and ‘middle management’ Assessments finding evidence of intuitive
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
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
