TCC Group

Earlier this week, the FCA issued an important portfolio strategy letter to senior managers and CEOs of investment intermediaries and financial advice firms. This significant communication sees the regulator identify two key areas of focus: ongoing advice services and retirement income advice. These priorities, carried over from the 2022 portfolio strategy letter, highlight the FCA's belief that firms must continue to advance in these vital areas of financial guidance. Read the all-important takeaways in our latest insight: https://bit.ly/4gQeGNX #FCA #ongoingadviceservices #retirementincomeadvice #compliance #FCAupdate

The FCA's latest portfolio strategy letter for financial advisers and investment intermediaries has become a crucial component of its communication strategy. This letter goes beyond the essential business plan by offering detailed, sector-specific insights that highlight the FCA’s main priorities and, importantly, its expectations for advisory firms. With this in mind, our Technical Director David Boyhan explores these insights in today's Money Marketing. Learn why the regulator's update emphasises the vital importance for firms to perform comprehensive due diligence on their historical records. Read more >> https://bit.ly/4hBPfQj #FCA #compliance #duediligence #portfoliostrategyletter #financialservices

As the regulator reviews market data from 20 firms managing assets under advice, it's essential for service providers to re-evaluate their strategies. Our comprehensive analysis uncovers effective techniques for building a robust evidence trail, providing insights on assessing your current position, resolving past issues, and minimising future risks. Read more about navigating your ongoing advice service challenges: https://bit.ly/4hFcHMT #ongoingadvice #chargesandfees #governance #compliance #FCA #fairvalue #complaints #wealthmanagement #servicefees #claimsmanagement

Navigating a New Era in Motor Finance Compliance 🚗 Close Brothers Group and First Rand Ltd are set to appeal to the UK Supreme Court after a significant Court of Appeal ruling regarding motor finance commission disclosures, which supported consumer complaints of mis-selling. This landmark decision, stemming from the "Hopcraft" case, sets a new fiduciary standard that mandates brokers to obtain informed consent from customers before accepting commissions. This change promotes greater transparency and aligns with the principles of Consumer Duty. Discover more on how TCC are advising affected firms on navigating these changes and assessing potential risks >> https://bit.ly/4exaqRb #FinancialServices #Compliance #ConsumerDuty #FinancialAdvice #RiskManagement #WealthManagement

Join our fast-paced AI Training Team at our sister company Recordsure as a full time Conversation Analyst. We’re looking for candidates with strong analysis skills, a love for the English language, and an interest in AI. In this role, you will: ✅ Label transcriptions of confidential financial conversations to help train AI models for fintech software. ✅ Work fully remote, though occasional travel to our Leeds office for training may be required. Learn more and apply here >> https://bit.ly/3NJ6tO6 #NowHiring #Jobs #RemoteWorking #FinancialServices #AI #ConversationAnalyst

The Court of Appeal rules against Close Brothers Group and FirstRand Ltd in a landmark decision on motor finance commission disclosures. This ruling sets a new legal standard for the duty brokers owe to customers, establishing a fiduciary responsibility that includes a duty of loyalty and disinterestedness. The new duty requires brokers to provide greater transparency and seek customer consent on commissions. This standard surpasses existing rules from the Financial Conduct Authority but is arguably more aligned to the principles of the Consumer Duty. Here is what you need to know >> https://bit.ly/3YKgpxl #motorfinance #ppi #hopcraft #consumerduty #DCA #compliance

Our sister company Recordsure explains how advice firms can ramp up file checks with the transformative power of predictive AI and revolutionise case review analysis and streamline the processing for ongoing advice documentation. You can download the guide here >> https://bit.ly/3Akpcwi #ongoingadvicereviews #ai #artificialintelligence #compliance #filechecking #ongoingadviceservces

The FCA has issued significant fines to: - Volkswagen Financial Services (UK) Limited: £5.4 million - TSB Bank: £10.9 million. These penalties were imposed for failing to provide adequate customer support, particularly for those facing financial difficulties. Key takeaways: ❗The fines highlight the urgent need for improved practices in financial service lending. 🕘 New regulations will take effect in November 2024, emphasising compliance and customer care. 🔎 Check out our latest insight to uncover key risks firms should be aware of in providing compliant customer support. Read more >> https://bit.ly/48lc6vz #ConsumerDuty #FinancialDifficulty #VulnerableCustomers #CustomerSupport #Compliance #FCA

Thrilled to share the impactful collaboration between TCC and a national financial planning network.. Faced with a strategic challenge requiring rapid redress calculations, TCC rose to the occasion, leveraging our expertise to deliver high-quality assessments in just two weeks. Our proactive approach not only addressed data gaps but also ensured compliance with regulatory standards, paving the way for a sustainable solution. Find out more on how we continue driving excellence and innovation in our industry >> https://bit.ly/48qeFMP #financialservices #regulatorystandards #wealthamanagement #financialplanning #compliance

When it comes to file reviews, complaint handling and paraplanning projects of any level of complexity, we at TCC have clever people, smart tech and extensive experience you can trust. Our clients choose us because we provide value-driven, pragmatic and flexible service. ➡️ Past business reviews ➡️ Redress ➡️ Paraplanning ➡️ Advice quality monitoring ➡️ Complaint handling ➡️ S166 Reviews ➡️ Suitability of advice ➡️ On-going Service Charges ➡️ Adherence to Consumer Duty file reviews Find out more >> https://bit.ly/4eWtzgj #compliance #managedservices #financialservices #regulations #systemsandcontrols #paraplaning #redress