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Insights and Perspectives
Analysis, news and practical guides for compliance, quality and risk teams in regulated financial services.
Compliance Q&A: How can firms keep their ongoing advice services compliant?
In the final Compliance Q&A, David Boyhan says firms need both current process improvements and historical MI checks to keep ongoing advice services compliant. He highlights client agreements, fair value assessments, disengagement processes, redress and evidence of good outcomes.
Compliance Q&A: How do the FCA’s review findings relate to the Consumer Duty?
In part four of the Compliance Q&A series, Garry Evans asks David Boyhan how the FCA’s ongoing advice findings relate to Consumer Duty. David says firms need evidence-backed MI, including historical data, to demonstrate good outcomes and prepare for FCA…
Compliance Q&A: How should firms be considering quality and suitability of advice?
In part three of the Compliance Q&A series, David Boyhan says the FCA’s focus on whether ongoing reviews happen should not distract firms from advice quality and suitability. He suggests risk-based review, especially where clients receive no-change reviews.
Compliance Q&A: What should firms do about disengaged clients?
Advice firms should review client data back to January 2018, identify whether services were paid for but not received, and define a structured disengagement process.
Compliance Q&A: What are the key findings from the FCA’s ongoing advice review
The FCA’s ongoing advice findings were generally positive, with no mandated industry-wide past business review expected. Firms still need to address clients who did not engage or were not invited to engage.
Compliance Q&A: Critical insights from the FCA’s ongoing advice review findings
The FCA’s ongoing advice review findings show that most clients received reviews, but firms still need to remediate missed reviews and evidence how they handle disengaged clients.
Key findings from the FCA’s ongoing advice services review
The FCA reviewed 22 large ongoing advice firms and found most suitability reviews were delivered, but evidence and remediation remain important. Firms should assess redress, disengagement, advice quality and automated evidence checks.
Benefit your business by enhancing customer data
Firms can use better customer data to satisfy regulatory expectations and improve client outcomes. Ongoing advice reviews and retirement income advice show how structured records can support better service and decision-making.
Seven key topics to ensure the success of your ongoing advisory reviews
Seven ongoing advice standards help firms act before historic servicing issues become larger remediation problems. TCC regulatory expertise and Recordsure automation support evidence-led review, management and oversight.
Tracking the essential evidence for your ongoing advice reviews
Ongoing advice reviews need clear evidence, not only completed processes. FCA supervisory pressure, common adviser questions and Recordsure technology all point to the need for better documentation and review evidence.
Key priorities in FCA update: ongoing advice services and retirement income advice
The FCA’s portfolio strategy letter puts ongoing advice services and retirement income advice under renewed scrutiny. Firms need evidence that services are delivered, outcomes are suitable and records support oversight.
How advice firms should navigate the AI journey
Financial advice firms face many AI options, but it is often unclear what kind of AI is being promoted. Firms need to identify the right type for their business.
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Major UK retail bank
Improving oversight and QA across mortgage advice
Read case study: Improving oversight and QA across mortgage advice
Major UK Tier 1 bank
Improving QA oversight and reporting across business banking conversations
Read case study: Improving QA oversight and reporting across business banking conversations
Government Department — UK
Digitalising interview recording to reduce cost and improve efficiency.
Read case study: Digitalising interview recording to reduce cost and improve efficiency.