What are the new TCPA compliance changes, and how do they affect my business?
Discover more about the new TCPA compliance changes, how to remain compliant, and what Unbiased is doing to ensure its advisors and consumers continue to enjoy the benefits they’ve become accustomed to.
Summary
The new TCPA regulations introduce “one-to-one” consent from consumers for marketing communications, with only one seller allowed to contact a consumer at a time.
The new regulations will come into effect on January 27, 2025, with significant financial penalties and possible litigation for those who do not comply.
Unbiased has introduced a number of key changes to its platform to ensure compliance with the updated TCPA regulations, including a consumer consent step and automated inquiry delivery.
What is TCPA?
The Telephone Consumer Protection Act (TCPA) was implemented in 1991 to protect consumers from unwanted calls, text messages, and faxes.
Designed to safeguard consumer privacy, the TCPA restricts telephone solicitations and the use of automated phone equipment.
The TCPA has undergone additions and amendments since its inception.
In 2003, the Federal Communications Commission (FCC) established a national Do-Not-Call registry whereby consumers could register their phone number to block calls from unsolicited telemarketers.
In December 2023, the TCPA announced that new rules would come into effect in January 2025, significantly altering compliance requirements for businesses.
At a high level, these new rules state that:
Businesses are required to obtain explicit “one-to-one” consent from consumers for marketing communications using an Automatic Telephone Dialing System (ATDS).
Only one identified seller can contact a consumer via texted advertisements or telemarketing messages at a time.
There is no broad consent to cover all advisors; instead, it must be done on an individual basis.
How will the new TCPA compliance changes impact my business?
Businesses across the US will need to introduce new compliance measures to ensure they comply with the new TCPA regulations, whether they’re standalone advisory firms, small financial advisory businesses, or larger platforms.
Advisors or firms will need to ensure they get explicit one-to-one consent from each lead in order to reach out to them for marketing purposes.
While this is an opportunity to build better relationships with potential clients and implement more effective marketing practices, it may increase acquisition costs as advisors implement stricter processes. Additionally, businesses will need to overhaul their data collection and storage practices to ensure compliance.
Alongside ensuring their own compliance, financial advisors who use lead generation platforms need to ensure the platform is compliant and meets the new individual consent requirements.
When is the TCPA update deadline?
These new regulations come into effect on Monday, January 27, 2025.
Additionally, on April 11, 2025, new consent revocation rules will come into effect.
These new rules allow consumers to revoke prior consent through any reasonable method, such as replying “stop” or “quit” to incoming texts or submitting a message through the caller’s website.
How do I become TCPA-compliant?
In order to comply with the new regulations, businesses must gain “one-to-one” consent from consumers for marketing communications.
This consent must be “clear and conspicuous,” for example, by clicking a button or checking a box. Businesses can no longer rely on blanket consent to cover all advisors.
Additionally, only one identified seller may contact a consumer at a time for marketing purposes.
For lead generation businesses, this means a lead cannot be passed on to multiple companies.
Failure to comply with the new TCPA regulations could result in significant financial penalties and legal action.
According to numerous sources, the standard penalty per TCPA violation is $500. However, this triples to $1,500 if the business knowingly violated the regulations.
What is Unbiased doing to become TCPA-compliant?
Unbiased has always provided exclusivity for its users, with inquiries only shared with one single advisor.
To ensure compliance with the other aspects of the new regulations, Unbiased has introduced a number of key changes to its platform, including:
New consumer consent step: A clear consent step will be introduced, providing consumers with information about the advisor they have been matched with and confirming their explicit permission to be contacted.
Automated inquiry delivery: Advisors will now receive inquiries based on their preferences without the need for manual selection, streamlining the process and allowing for faster, more efficient connections.
Consent record keeping: Each consumer’s consent will be securely recorded, ensuring a transparent and reliable audit trail.
Faster connections: The updates facilitate quicker communication between consumers and advisors, enhancing user experience.
Unbiased’s proactive changes ensure that both the company and advisors on the platform meet the compliance deadline.
It also ensures both advisors and consumers continue to enjoy the benefits they have become accustomed to, including exclusive inquiries and customizable preferences.
Additionally, the changes will speed up the process of accepting leads and work towards improved consumer contactability.
Work with Unbiased
Our recent TCPA updates reflect Unbiased's commitment to both innovation and compliance, ensuring we provide both advisors and consumers with the enhanced experience they’ve come to expect from our platform.
Unbiased Pro obtains, verifies, and validates leads, sending people who want your services straight to your inbox.
Our advisor platform delivers data, analytics, and engagement tools to ensure that advisers achieve industry-leading conversion rates and ROI while also streamlining the onboarding process for new clients.
Senior Content Writer
Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.