FSA to intensify focus on failing TCF firms

clock

The FSA says it is disappointed in the "sizeable" number of firms that failed to meet its March TCF deadline - and warns it will now intensify its focus on them.

In its ‘Treating Customers Fairly initiative: progress report’ published this morning, the regulator says 93% of major retail firms, 87% of medium-sized firms, 74% of wholesale firms and 41% of small firms met the deadline. Firms had to be “implementing the necessary TCF changes in a substantial part of their business” by the March 31 deadline. However, the FSA points out its assessment of small firms – carried out via a “statistically valid” telephone survey of 659 companies – was carried out in December 2006 and January 2007 and admits some companies may have made improvements in the me...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Investors caution Reeves' ISA reforms 'would need to strike a careful balance' to solve UK investment crisis

Investors caution Reeves' ISA reforms 'would need to strike a careful balance' to solve UK investment crisis

‘A significant shift’ but not unprecedented

Sorin Dojan
clock 21 February 2025 • 2 min read
Advisers urged to encourage philanthropy as UK's wealthiest donate £8bn

Advisers urged to encourage philanthropy as UK's wealthiest donate £8bn

CAF report highlights untapped philanthropic potential among high-net-worth clients

Sahar Nazir
clock 21 February 2025 • 2 min read
Feel Good Friday: MKC Invest 'do things differently' with GAIN partnership

Feel Good Friday: MKC Invest 'do things differently' with GAIN partnership

The DFM partnered with GAIN last year

Professional Adviser
clock 21 February 2025 • 1 min read