FSA to intensify focus on failing TCF firms

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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...

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