The Financial Services Authority has published a set of web pages for small firms to help them understand the treating customers fairly initiative.
The pages contain the key messages and findings relevant to small firms from the FSA’s main TCF documents to help them keep up to date with developments.
They explain why TCF applies to small firms, outline progress so far and highlight examples of good practice.
In particular, the pages explain that small firms do not need to have a documented strategy or detailed files showing how they deliver on TCF, but they need to describe how TCF fits into their business and how behaviour within the firm takes account of the needs, acceptance of risk, level of understanding and rights of customers.
To help firms make an assessment, the FSA has developed a set of questions relating to a firm’s structure, the sales process and the after-sales care of customers.
All firms are expected to have implemented TCF in a substantial part of their business by the end of March 2007, which means they should have identified the key risk areas to the delivery of the consumer outcomes and have taken action to address those gaps.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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