What happened?
Speaking to Business & Accountancy Daily, Joe Norburn, CEO at TCC Group, explains that financial crime is no longer a discrete compliance issue but a system-wide risk that shapes a firm’s resilience and trust.
He notes that as fraud, scams and money laundering become more interconnected, many firms are still responding through fragmented operating models, with responsibility split across separate teams, systems and data.
Why does it matter?
Joe highlights that this fragmentation is itself a risk, creating gaps in visibility, weakening controls and slowing firms’ ability to respond to emerging threats.
With the FCA emphasising collective defence, the Consumer Duty and outcome-focused regulation, firms are expected to move beyond siloed controls and demonstrate clear, enterprise-wide oversight of financial crime risk.
“Financial crime is no longer just a function to manage, but a system-wide discipline that shapes resilience, trust and long-term competitiveness”.
Supporting sources
Frequently asked questions
Why does fragmentation increase financial crime risk?
Joe Norburn explains that fragmented operating models create gaps in visibility, weaken controls and slow firms’ ability to respond, turning fragmentation itself into a risk.
What does the FCA expect from firms?
With its focus on collective defence, the Consumer Duty and outcome-focused regulation, the FCA expects firms to move beyond siloed controls and demonstrate enterprise-wide oversight.
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- BankingTCC helps retail banks, challenger banks, building societies and specialist banking providers strengthen governance, manage financial crime risk and demonstrate good customer outcomes. Our specialists support Consumer Duty, remediation, regulatory transformation, FCA intervention and compliance assurance programmes through advisory, managed services, specialist resourcing and technology-enabled compliance. With more than 25 years of experience supporting FCA-regulated firms, we help banks respond confidently to regulatory scrutiny while strengthening operational resilience and customer trust.
- General Insurance & ProtectionTCC helps insurers, brokers, MGAs and protection providers evidence fair value, strengthen customer outcomes and identify emerging customer harm. We assess product governance, claims performance, distribution oversight and vulnerability risks, helping firms create regulator-ready evidence, improve operational performance and demonstrate that products and services deliver value throughout the customer lifecycle.
- Lending & Consumer CreditTCC helps consumer credit firms evidence good outcomes, strengthen affordability and vulnerability frameworks, and manage complaints, remediation and regulatory risk. We support lenders with practical, regulator-ready compliance programmes that improve governance, customer treatment and operational resilience.
- Motor FinanceTCC helps motor finance lenders, brokers and providers assess redress exposure, prepare for large-scale customer reviews and strengthen complaints, affordability and Consumer Duty frameworks. We combine regulatory advisory, managed operations, specialist resource and technology-enabled assurance to deliver consistent customer outcomes, robust governance and regulator-ready evidence under heightened FCA scrutiny.
Reviewed by Joe Norburn, CEO – TCC Group