The FSA's first treating customers fairly (TCF) deadline has arrived, meaning advisers must have the relevant management information (MI) in place for inspection.
The regulator will assess major retail companies, with some exceptions, and a sample of smaller businesses against today’s deadline and publish the results in the second quarter of 2008.
The FSA will then assess all firms to which TCF has material relevance from this December.
In a report last month the FSA warned it saw “too much focus by firms on customer satisfaction, rather than fair treatment and too much focus on process, rather than the treating customers fairly outcomes”.
The FSA has already assessed several major retailers, medium-size and wholesale businesses and says many already collect the information relevant to TCF but do not use it to measure how well they treat customers.
The report highlights a lack of proper analysis of TCF data, meaning advisers might find themselves at risk of not identifying TCF issues or that different managers at a single company might interpret the data in different ways.
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Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November