The Association of Mortgage Intermediaries (AMI) has launched a campaign to help members meet the March deadline for complying with FSA rules on treating customers fairly (TCF).
As part of the campaign, AMI will form a TCF working party with key industry members, publish a number of TCF factsheets, launch a microsite on TCF and produce regular TCF newsletters for members.
Richard Farr, director of AMI, says: “TCF will be a major focus for AMI in the coming months.
"It is vital we do all we can to help our members to embed a TCF culture within their firms. The FSA has said they will take action against firms that do not comply.”
AMI’s latest TCF factsheet gives a summary of the FSA's most recently published TCF documents, as well as highlighting areas of good practice.
AMI says the concept of management information (MI) is crucial to TCF and outlines four areas the FSA expects firms to demonstrate.
Firms must integrate TCF into their business culture, measures must be put in place to test whether customers are being treated fairly, MI must demonstrate a firm has consistently treated customers fairly, and must put processes in place to monitor MI and enable the right people to take action.
“TCF continues to represent a significant challenge to mortgage intermediaries,” adds Farr.
“To enable firms to have the relevant processes in place by March, firms must act now in order to develop appropriate MI and cultural practices.”
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