Summary
What this article covers in 30 seconds
- The FCA has scrutinised the ongoing advice service landscape and may provide more detail on expectations.
- Seven critical ongoing advice topics give firms a practical review checklist now.
- Past issues such as PPI, pension reviews and s166 assessments show how latent risks can grow.
- Mishandled ongoing service charges can create collective and individual responsibilities.
- TCC and Recordsure combine regulatory expertise, delivery experience and automated AI.
The FCA has scrutinised the ongoing advice service landscape and is expected to release more detail about what it expects of wealth management firms. In the interim, Recordsure joined TCC’s regulatory experts to consider proactive steps firms can take now.
seven critical topics for ongoing advice standards: a positive start to the customer journey, proactive delivery of ongoing advice, timing of ongoing advice, meeting advice requirements, meeting customers’ information needs, delivering fair value and refund policy.
The past influencing the present
The past shapes the present. PPI claims, pension reviews and s166 assessments often emerge from shortcuts or profit-driven decisions. Those decisions can create hidden risks that remain dormant for years, with consequences magnified by the length of time they have been ignored.
Both collective and individual responsibilities may arise when firms mishandle ongoing service charges. The cost of rectifying mistakes can exceed the penalty itself, with individuals also facing liability and reprimand.
Independent expertise
Proactively seeking external expertise is presented as one step firms can take now. TCC and Recordsure bring together regulatory expertise, delivery experience and AI technology for firms addressing ongoing advice challenges.
TCC’s consultancy knowledge and Recordsure’s automated AI can help ongoing advice providers review, manage and evidence their ongoing advice services with greater speed and accuracy.
Frequently asked questions
The FCA has scrutinised ongoing advice services and is expected to provide more detail on what it expects from wealth management firms.
The seven topics are the customer journey, proactive delivery, timing, advice requirements, customer information needs, fair value and refund policy.
PPI and pension reviews show how risks can grow when firms take shortcuts or make profit-led decisions.
It says they combine regulatory expertise, delivery experience and automated AI to help firms review, manage and evidence ongoing advice services.