TCC Group’s Post

The ‘Compliance first’ approach can help develop a compliance-oriented culture within your business, thus preventing your business from falling into the quicksand of non-compliance. We understand that implementing the ‘compliance first’ approach can be a bit challenging. Don’t worry. We can help you seamlessly integrate this approach into your business operations to meet legal and insurance obligations. Get in touch with us today to get started. #compliance #compliancefirst #businessoperations #businesssuccess #complianceoriented #SMB #MSP #itserviceprovider

Is it an understatement to say that the FCA’s plans to be more transparent around their enforcement investigations represent one of the biggest seismic shifts for the compliance sector in recent times. The key headline coming from the latest Consultation Paper (CP 24/2) is that the FCA is planning to publicly name the companies it's investigating. Not after an investigation is closed or whether action is taken or not. Their reasoning is clear, and it means a lot more firms could be named (and shamed) by the FCA. Reputational risk is high. It’s further proof that the FCA are intervening much more heavily and quickly – check out our recent blog on the FCA’s impact on GAP insurance: https://lnkd.in/eAXZr488 If ever compliance leaders needed more motivation to tighten up on their practices and processes, here it is. I’d love to know what you think of the proposals from the FCA in this CP in the comments below. You can also read Padda Consulting’s summary of the CP here: https://lnkd.in/eBn84jdg

Recent regulatory changes demand higher standards of client protection and risk profiling. How can financial advisors ensure compliance with new FCA regulations? Dive into our latest blog post to explore the key FCA requirements for risk profiling, suitability, and appropriateness. 👉 Read Full Blog: https://lnkd.in/gU5ksRbS #FCA #RiskProfiling #ConsumerDuty #compliance #financialadvice Roxanne M.

The Financial Conduct Authority (FCA) has taken a significant step forward in addressing the rising regulatory focus on non-financial misconduct in #insurance firms. Last month, the FCA published the findings from its non-financial misconduct survey, where more than 1,000 regulated firms were asked about recorded incidents of non-financial misconduct from 2021, 2022 and 2023. In our latest blog, we share the key finding from the survey and outline the FCA’s expectations going forward. We also provide guidance on what actions firms should now be taking, including: 👉 Benchmarking performance 👉 Reassessing governance structures 👉 Review your remuneration committee; and more. Have a read and share with your networks: https://lnkd.in/epSG764E #FCA #Regulation #Compliance

🔍 When it comes to regulatory requirements, efficient and effective internal controls are the ambition. A streamlined and clear set of rules sounds like something most risk functions can only wish for. If rules don't fit the business, efforts are wasted in iterative adjustment processes and coordination with auditors and authorities. A positive signal from the FCA highlights a significant step in the right direction: "We now want to seize the opportunity of the Duty and the move to a clear outcomes-based approach to streamline our rulebook, lowering costs for businesses and supporting the competitiveness and growth of the economy." A potential reduction of unnecessary burden on firms, allowing them to focus more on growth and competitiveness. A simplified and purpose-fit regulatory framework is a win for all. #RiskManagement #Regulation #InternalControls #FCA #Compliance #Growth

Interested in the FCA’s requirements for risk profiling clients, particularly in the wake of Consumer Duty? I’ve written about that very topic in our latest blog post. Check it out below!

The FCA is doubling down on client protection. Are you ready to comply? Dive into our latest blog post and learn about detailed information collection, suitability and appropriateness requirements, and the path to trust and transparency. 👉 Read Full Blog: https://lnkd.in/gU5ksRbS #FCA #RiskProfiling #ConsumerDuty #compliance #financialadvice Iwan Schafthuizen Roxanne M.

Compliance audits are crucial for maintaining a law firm’s integrity and regulatory standing.  At TSP, our compliance managers dive deep into your firm’s processes, ensuring you’re well-prepared for SRA and Professional Indemnity Insurers. 🔹 Our approach: We work closely with you to understand your firm’s inner workings and provide tailored solutions to safeguard your compliance. Stay ahead of risks and ensure your firm’s compliance with a robust auditing process. #complianceaudit #lawfirmcompliance #regulationmanagement

🚨 The FCA has released a review highlighting poor performance around Product Intervention and Product Governance Sourcebook (PROD) obligations in general and pure protection insurance markets. The review has found some firms struggled to demonstrate fair value to customers, particularly with insufficient product governance, poor fair value assessments (FVAs), and unclear target markets. The FCA’s review makes it clear that, whilst most firms have updated their policies, there is, in too many instances no evidence that those policies are being implemented robustly and with appropriate levels of challenge in practice. The FCA has clearly set out its intention to follow up on the failings it has found and that non-compliance could result in regulatory intervention. Read more👉 https://shorturl.at/k861D #FCA #compliance #performance

🚨 Important Update for Financial Sector Professionals 🚨 The Financial Sector Conduct Authority (FSCA) is ramping up its efforts to enforce compliance within the insurance sector. Recent reports from JutaCompliNEWS indicate that insurance firms could face stiffer penalties for non-compliance. This move aims to bolster the integrity of the financial services industry and protect consumers. Professionals across the sector must stay vigilant and ensure that their practices align with regulatory standards to avoid facing significant penalties. It's a call to action for enhanced compliance measures and a reminder of the importance of maintaining high ethical standards within our industry. #FinancialServices #Compliance #InsuranceIndustry #FSCA #RegulatoryUpdates