The Consulting Consortium
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6th Floor, 10 Lower Thames Street, London, EC3R 6EN, United Kingdom
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Business introduction
Clarity from complexity
With over 16 years' experience in the wealth management and private banking sector, TCC provides long-term, holistic risk and compliance solutions that can help you meet regulatory requirements
TCC has over 16 years’ heritage in the wealth management and private banking sector. We have assisted over 85 companies in the advice sector meet regulatory expectations and successfully identify and manage risk.
Inappropriate practices, both uncovered by the FCA and highlighted in our own reviews, point to a lack of focus on the root cause of poor conduct – culture. With the FCA’s future focus likely to land on suitability, the advice and product proposition and delivery of appropriate customer outcomes, scrutiny is certain to increase.
Firms in this sector should therefore be focusing on whether culture gives rise to the right conduct and appropriately manages risks. Key to this is identifying and managing potential conflicts of interest and ensuring reward structures are designed to support the best possible outcomes for investors and the business in equal measure.
We have a deep understanding of FCA expectations for firms operating in this sector, from both a practitioner and regulator perspective. Our expertise spans assisting firms designing, developing and augmenting suitability standards and product propositions to ensure they are truly aligned to the target market, are commercially viable and are able to demonstrate suitability of the outcome to each client.
The Consulting Consortium Solutions
Business Model & Strategy
Your business model and strategic plans together with your firm’s culture will largely determine whether the outcomes that your customers experience are positive or negative. The FCA views your business model as a key risk driver. The right business model and associated strategy reduces the risk of systemic customer detriment. Thus,......
business needs
view solutionComplaints Handling
As a regulated firm, you must have effective and transparent procedures in place for dealing with, and documenting, complaints competently, diligently and impartially. Where you find that a customer complaint requires an offer of redress or remedial action, you must make sure it is accepted and settled promptly. You may have......
business needs
view solutionCompliance Effectiveness
Managing regulatory risk effectively can be complex and resource intensive. When combined with commercial drivers that are seeking to reduce operational costs, the risk to a sufficiently independent and challenging compliance function becomes pronounced. FCA enforcement action continues to demonstrate to CF10s and their executive colleagues that they can, and will,......
business needs
view solutionConduct Risk Framework & Controls
The FCA has not specifically defined the meaning of conduct risk yet it expects you to have a robust approach to consideration, and mitigation of, conduct risks inherent in your business model and strategic plans. However, there are a large number of inter-related considerations and nuances of approaches that can......
business needs
view solutionCustomer Outcomes Testing
The FCA expects you to evidence that you have your customers at the heart of your business. The most simplest and cost-effective method is to establish a meaningful customer outcomes testing policy throughout your business, spanning the end-to-end customer lifecycle. All too often firms rely on customer satisfaction metrics to demonstrate......
business needs
view solutionFCA Authorisation & VOP
Having the correct authorisation is your license-to-operate. Without it, you are acting ‘outside the perimeter’ which, in the worst case scenario can lead to imprisonment. In our experience, the FCA has little patience for firms who don’t make sufficient effort to understand what permissions they need. We help you understand how......
business needs
view solutionFinancial Crime Risk
Under its objective to ensure the integrity of the UK financial markets, the FCA requires all authorised firms to have robust governance, effective risk procedures and adequate internal control mechanisms to manage their financial crime risk. Some of these firms will also have additional obligations placed on them. Over the last two......
business needs
view solutionFirst Line Assurance
A robust quality framework is an essential ‘line of defence’ against poor customer outcomes and the possibility of regulatory sanctions. Our flexible First Line Assurance solutions enable you to maintain and enhance your required quality framework, quickly and cost-effectively. How can we help? TCC’s offers 3 distinct services, available individually or combined,......
business needs
view solutionMock FCA Visit/Interviews
f you are selected as part of thematic work, are on notice for a supervision visit or are applying to be a Significant Influence Function (SIF) you are likely to be involved in an FCA on-site assessment or interview. Understanding the FCA’s expectations and how to manage the responses can be......
business needs
view solutionPast Business Reviews
Whether your PBR is in response to your own ongoing compliance quality monitoring or FCA investigatory work you need an experienced partner that can help you act efficiently and effectively. With TCC, you not only benefit from a responsive, value-driven approach, our specialism is in conduct risk. This means you can......
business needs
view solutionRedress & Remediation
Our redress and remediation services are undertaken when an unsuitable case is discovered as a result of a Past Business Review, through Line 1 Assurance or an upheld complaint. We provide end-to-end solutions, individual components of a remediation programme and bespoke redress calculations. Our solutions are flexible, regardless of the size......
business needs
view solutionRegulatory Assurance
In an ever-changing regulatory environment and in light of the move towards personal accountability for those holding Significant Influence Functions (SIFs), you need to ensure you comply with current regulation and are prepared for the future. How can we help? We support the development of effective internal standards and controls by delivering......
business needs
view solutionRegulatory Change
In UK financial services regulation, the only constant over the past three decades has been change. The industry has faced significant disruption including regulatory body changes, the Retail Distribution Review (RDR), Mortgage Market Review (MMR) and, most recently, the Senior Managers and Certification Regime. Now, with the focus on MiFID, PRIPs,......
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view solutionRegulatory Due Diligence
When looking to acquire a new business regulated by the FCA it is important that you carry out regulatory due diligence to fully understand the business’s history and quantify the potential historical risks attached to the acquisition. Failure to undertake appropriate due diligence can have far reaching consequences. Purchasing a business......
business needs
view solutionSection 166 Skilled Persons Reviews
We have helped a number of firm demystify the s.166 process and navigate the process to appropriate outcomes. We pride ourselves on our ability to be proportionate and pragmatic in our review work. We can conduct s.166 review across a broader range of conduct and related culture and governance issues. Our......
business needs
view solutionSpecialist Resourcing
With almost two decades’ experience in compliance and regulation, and a pool of 5000+ talented Associates, we have the knowledge and breadth of experience to provide first-rate compliance SME’s wherever and whenever you need them. As risk and regulation experts first and foremost, you can rest assured that we can identify......
business needs
view solutionTCC Paraplanning
Plus, having reviewed suitability for over 15 years, you can trust we know what good looks like! As specialists in culture, we understand the importance of providing an exemplary customer experience that retains loyalty. As a financial adviser or wealth manager you can only do this if you have enough time......
