A "lack of clarity" from the regulator is causing adviser firms to question whether their in-house implementation of treating customers fairly (TCF) will be in line with FSA expectations, research suggests.
The Financial Services Discussion Club (FSDC) member survey 2008 found firms are finding it difficult to turn principles into internal rules and to ensure “a consistent approach across the business”. The study follows a warning from the Association of IFAs (AIFA) this week, which called on the FSA to provide clarity to intermediary firms on the greater use of guidance in place of rules-based regulation. The FSDC study, conducted before the expiry of the March TCF deadline, also found nearly 10% of firms did not expect to be ready in time, while some firms confidently predicted they were a...
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