Data management specialist, Iicon, has warned a high number of brokers still do not have systems capable of testing treating customers fairly (TCF).

Iicon warned very few brokers had centralised records which capture, collate and manage data in a way that allows for analysis and management information. Even fewer have the capacity to record, store and analyse client conversations.

With the FSA suggesting around a third of brokers still require improvements to their systems, Iicon warned time is fast running out for those who do not wish to fall foul of the TCF regulation.

Ross McAdam, director of Iicon; said: “The FSA is leaving no doubt as to the importance of TCF in their eyes. So much of the client contact now takes place away from the traditional face to face interview, brokers must ensure that they capture everything or else they are placing themselves at risk”.