TCF

As advisers get to grips with the principles-led legislation of TCF Kristen Paech takes a look at the challenges they have to face

Each month, we ask our industry to answer one big question!

Building societies have been told working towards the FSA's treating customers fairly principles will count for little if they can not assess how effective any changes have been.

The Association of IFAs has leapt to the defence of smaller firms after an FSA report found a large portion of them to be failing to implement TCF.

It seems there are few in the industry willing to talk about it but a major regulatory deadline passed last Friday: firms' implementation date for the treating customers fairly (TCF) regime.

Most IFAs say yes but, worringly for the regulator, the majority also say it is having very little impact on the way they operate.

IFAs were asked if they are prepared for the next stage of TCF, in April, and whether it has hade much of a difference to the way they operate.

Regulation

viewpoint

TREATING CUSTOMERS FAIRLY