Cyber Risk

TISA is conducting a short Cyber Risk questionnaire as the scope of Cyber risk includes the monitoring and changing of the technological, criminal and regulatory landscape, and we currently have an unpresented and unique opportunity with the current Covid-19 disruption period to gain insight into risks that TISA members are experiencing or, are aware of, in relation to the current situation and also those that may be forecast (such as the repatriation of IT equipment).

The survey consists of short questions that can help us collectively focus our efforts on particular areas, and enhance current guidance, allowing for in-crisis risks to be captured and compared with a more BAU situation if we were to repeat the survey at a later point in time when the world is somewhat more ‘normal’.

Your input is needed to complete this short survey by 10 July 2020

Retirement

Having completed the research and report “Getting Retirement Right”, the Retirement Strategy Group are now working with industry to continue building support for the key conclusion, that the majority of UK households should be saving 12% of gross salary into their pension. We are keen to ensure consistency of this key recommendation being made to the DWP for consideration as part of future AE reviews.

Our work is now focused on agreeing how employees, employers and government might collectively increase contribution levels to hit this target.  This work includes considering options and potential timescales and we welcome TISA member to actively engage in the debate to shape the final recommendations.

Guidance

TISA has been a champion of enhancing the level of support that firms that provide to their customers using Financial Guidance. The key challenges are two fold.  Firstly, the boundary between guidance and advice can be ambiguous and subject to a consumers view of the service they have received.  Secondly, the guidance that can be provided does not align to a digital age where consumers expect a degree of personalisation to suggest options that are relevant to their situation.

TISA has been engaging with members, plus facilitating meetings with the FCA, HMT, DWP and MaPS to seek solutions that will enhance consumer financial wellbeing. Building upon the work and proposals already being promoted to government, TISA believes that Open Finance and Pension Dashboard will both require changes to the current guidance rules to enable levels of consumer support that align with the level of personalised data that will be made available in future financial propositions. 

Vulnerable Customers

The subject of Vulnerable Customers has seen significant recent elevation within the government’s agenda. The Working Group provides a forum for firms to discuss, develop and implement good market practice across the broad range of activities designed to support vulnerable customers.  This cover product design through to customer support services.

TISA has also worked with Altus to develop a Vulnerability Radar, that enables a firm to self-assess their internal process against good practice and identify opportunities to continually enhance supporting vulnerable customers.  This tool is already in use with over 100 firms and provides a platform for ongoing evolution of good practice through a combination of evaluation of aggregated results and the Working Group sharing experiences to further enhance services.