The COFI Bill 2023 – what’s new?

Old couple smiling

In 2012 the National Treasury introduced the ‘twin peaks’ model for financial regulation. This is daunting for many firms and includes the implementation of two new laws to replace previous legislation. The first of these is the Financial Sector Regulation Act 9 of 2017, which has been in incremental operation since April 2018. The second […]

Appointed Representative Regime Changes: New Requirements & Responsibilities

What can appointed representatives expect now that the consultation process has been completed and the new rules published by the FCA?   This update provides an overview of the key changes involved for affected firms, plus an outlook on further potential developments to follow   Why the change was needed to the AR regime (Quick […]

Caring for call centre agents

Call centre agent on a phone

How Voyc helps you care for your team members – as well as your customers – in stressful times. With the cost-of-living crisis deepening,  pressures are building on agents taking customer calls in contact centres throughout the UK financial services industry.  It’s vital to spot potentially serious problems early and provide care and support when […]

UK FCA Complaints Report: Important Updates from the Second Half of 2021

Upset woman on the phone

Latest report from the FCA shows customer complaints down 10% over 6 months – to new historical lows. New complaints data from the Financial Conduct Authority (FCA) provides a positive update for the second half of 2021. There were 1.84 million total complaints recorded by financial services firms over that period – down 10% from […]

FCA Spotlight: What changes can you expect to be made to the appointed representatives regime?

Concerned woman on the phone

Changes afoot for principals of UK appointed representatives in AR regime: How new regulation could affect a major distribution channel What you can do to prepare .…..and how Voyc could help   Background: FCA Consultation Paper 21/34Appointed representatives (ARs) first arrived on the UK financial services scene over 30 years ago – following the 1986 Financial […]

UK FCA Complaints Report: Remarkable Facts for the First Half of 2021

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The new FCA complaints report reveals a reduction in PPI and travel insurance complaints, but new increases in pension and investment products complaints. In the first half of 2021, further significant reductions were recorded in the volume of complaints concerning Payment Protection Insurance (PPI) – according to the latest data from the Financial Conduct Authority (FCA).  […]

What is the COFI Bill? Summary for financial services contact centres

The South African National Treasury released the second draft Conduct of Financial Institutions (COFI) Bill for public comment in September 2020.   The Bill sets out a wide-ranging regulatory framework for the conduct of financial institutions.   In this overview, we at Voyc have distilled the content of the second draft to highlight only those aspects that […]

10 things you need to know to prepare for the new FCA Consumer Duty

The new Consumer Duty is a new initiative from the FCA. Its purpose is to set higher expectations for the standards of care that UK financial services firms provide to consumers. The potential implications for those firms are significant. The Consumer Duty is still going through the consultation process. However, the general intent and principles […]

UK FCA Complaints Report: What Happened in the Second Half of 2020?

Woman on the phone complaints

The FCA Complaints Repot 2020 highlights concern with business-as-usual financial products. The industry has made significant strides in reducing Payment Protection Insurance (PPI) complaints by reducing complaints volumes by 93% during the second half of 2020, from 3.71m in H1 to 256 000 in H2. However, other products saw substantial increases in customer complaints, highlighting […]