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TCF progress is too slow, says FSA |
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Adviser firms must up their pace of progress in embedding Treating Customers Fairly if they are to meet next year's deadlines, warns the FSA.
At today's third TCF conference, the report Treating Customers Fairly: Measuring Outcomes says there needs to be "renewed energy and drive" from firms if they are to deliver on improved outcomes for consumers.
FSA director, TCF Sarah Wilson issued a stark warning to advisers saying they absolutely would face additional regulatory intervention if they missed the deadline, while those meeting TCF requirements would benefit through regulatory dividends.
By March 2008 firms must have appropriate management information measures in place and by December 2008, they must be able to demonstrate to themselves and the FSA that they are treating their customers fairly.
Wilson said today at the conference: "We have a reached a turning point on TCF. The deadlines provide firms with a unique opportunity to achieve real cultural change and a major shift in consumer outcomes - benefiting consumers, and the industry.
"For those firms that rise to the challenge, where senior management do drive change in the next fourteen months, there will be a regulatory dividend. Supervisors have little reason to ask further detailed questions if you produce, and use, well constructed measures of your performance and they show a strong story.
"For those firms that miss the deadline and fail to take their obligations seriously, our message is absolutely clear – you will face more regulatory intervention."
Source: Money Marketing |
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