A large number of advisers are uncertain about what the FSA wants from them to evidence TCF principles, according to a study by 1st - The Exchange.
The firm says the findings are concerning, particularly with the FSA’s deadline for full implementation just seven months away.
A poll of financial advisers found 46% were confused or uncertain of what evidence they must give the FSA following the December deadline, while the remaining 54% said they were confident they knew how to show evidence of TCF.
The poll also found 51% of firms were confident they are already able to produce the required data, while 41% felt it was ‘possible’. The remaining 8% felt it was unlikely they could produce the evidence needed.
David Child, managing director of 1st – The Exchange, says firms should embrace the benefits of technology in the business process to help them cope with the new regulatory requirements.
“With good data management and efficient use of e-services, collating and managing the information needed by the Regulator should become a very simple and straight-forward process,” he says.
1st – The Exchange says storing data and communications in a central back office system allows firms to produce an audit trail of data, which can be presented to the FSA when it requests evidence of TCF.
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