In focus: TCC's top insights from 2024
Here is our summary of the most discussed regulatory topics and challenges of 2024, with many expected to continue to impact the regulatory landscape in 2025.
FCA agenda: Ongoing advice services?
The FCA has been reviewing how firms approach the delivery of ongoing advice services and manage the associated charges. It’s vital that firms can clearly demonstrate how they’re achieving good outcomes for their customers and that they're acting in good faith to avoid causing foreseeable harm - while enabling customers to pursue their financial objectives effectively.
Within its portfolio strategy letter, published on 7th October, the FCA outlined priorities for financial advisers and investment intermediaries for the next two years. Two key areas of focus are ongoing advice services and retirement income advice.
Focus on: Customer vulnerability?
To kick off the year, the FCA announced a comprehensive review into how financial firms understand and respond to customers in vulnerable circumstances.?
TCC’s Director of Advisory Practice, Gary Maude, emphasised the critical need for finance firms to address customer vulnerability and highlighted the urgency for firms to evaluate their policies and practices.?
Consumer Duty: Key insights and challenges
TCC hosted a multi-sector Consumer Duty forum to review ongoing industry risks and challenges whilst providing the opportunity to benchmark progress against financial service peers. This post-forum evaluation considers the five key themes from the day.
Motor finance: Stay ahead of the curve
The motor finance industry in 2024 has been navigating a dynamic landscape shaped by increased regulatory scrutiny and evolving consumer expectations as the FCA intensifies its focus on transparency and fairness.
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?The FCA issued an S166 to several motor finance firms due to concerns over historical sales practices. These agreements, which incentivised dealers to increase customers' finance costs, have led to rising complaints.
Wealth management: Navigating ongoing advice reviews challenges
Ongoing advice servicing is currently the biggest challenge for the wealth sector and probably will be for some years to come.
Several S166 programmes are underway that focus on the delivery of ongoing advice servicing. This has resulted in lots of activity from organisations as they look to strategise their approach before the FCA pushes them to undertake any reviews or carry out any remediation.
Thank you, and see you next year!
That's a wrap. We would like to wish you a happy and restful holiday period. We’ll see you in 2025.
Best wishes from all of us at TCC!
We're taking a festive break from 1pm on 24th December 2024 until 2nd January 2025.
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