In the interim, we joined up with TCC’s regulatory experts to consider what proactive steps firms can take now to stay one step ahead. We’ve compiled seven critical topics for ongoing advice standards that you won’t want to miss:
- Positive start to the customer journey
- Deliver ongoing advice proactively
- The timing of ongoing advice
- Meeting the requirements of advice
- The customer’s information needs must be met
- Deliver fair value
- Refund policy
The past influencing the present
We all understand that the past shapes our present. PPI claims, pension reviews and s166 assessments frequently emerge from companies opting for shortcuts or making decisions driven solely by profit. Such action creates a hidden time bomb of risks that may lie dormant for years, but when they surface, the consequences are magnified by the duration these risks have been ignored.
With this in mind, both collective and individual responsibilities come into play when firms mishandle ongoing service charges – and the expense of rectifying mistakes can far surpass the penalty itself, with individuals also facing liability and reprimand.
Independent expertise
Proactively seeking external expertise is a commendable step firms can take now. TCC and Recordsure’s combined regulatory expertise, delivery experience and cutting-edge AI technology offer financial services firms new innovative solutions to tackle this pressing challenge.
We harness TCC’s consultancy know-how and Recordsure’s automated AI to empower ongoing advice providers with the tools to achieve unparalleled compliance excellence. With us, you can review, manage and evidence your ongoing advice services with superior speed and accuracy.
Get in touch to find out how Recordsure AI can help your firm today.
