TCF

Giving clients a second chance at protection

Compensation payments due to consumers mis-sold Payment Protection Insurance (PPI) slowed in January for the first time since September, with £403m paid in redress.

A shadow minister has claimed the FSA's Treating Customers Fairly (TCF) initiative has failed to adequately protect consumers.

Banking giant Lloyds is to strip five current and former senior bankers of some £1m in bonuses over their role in the mis-selling of payment protection insurance (PPI), according to the Telegraph.

Investors cannot be counted on to make rational choices so regulators need to "step into their footprints" and limit or ban the sale of potentially harmful products, the head of the UK's new consumer protection watchdog said.

IFAs have claimed providers of individual protection products consistently fail to meet their expectations in dealing with existing business, Defaqto said.

The Financial Ombudsman Service (FOS) will not seek to redact the names of businesses when it makes public its final decisions following a client complaint.

Under TCF regulations, advisers are required to look at their client's financial wellbeing and needs. With this in mind, what prominence should cash plans be given, and should they ever be at the forefront of a client's requirements.

Axa's Graham Harvey asks if proposals to 'read-across' the RDR to protection risk demeaning the treating customers fairly (TCF) principles...

IntelliFlo has launched a set of tools which allow pension and investment advisers to tailor financial plans for their clients' future.