Half of the Association of Mortgage Intermediaries' members have yet to reach the ‘implementation' stage of the treating customers fairly principle, according to the association's latest census.
The survey of AMI members reveals 19% have embedded TCF, while 29% are in the process of implementing it.
A further 20% of respondents say they are at the ‘strategy and planning’ stage, while 27% are ‘aware’ of TCF.
The FSA has issued a deadline of 31 March for all firms to have implemented TCF in a ‘significant’ part of their business, and 85% of AMI firms say they are confident of implementing their TCF strategy in time.
In addition, 72% of firms say they have conducted a TCF review, with 57% having made at least a few changes as a result, including changes to the information given to customers during the sales process, changes to the advice process, making more management information or data available internally, changes to the way complaints are handled, and changes to the way advisers are paid or remunerated.
Over a third of respondents say time is the biggest barrier to implementing TCF, although a similar number say they have experienced no barriers.
Other barriers include understanding of how to implement TCF, staff resources and the cost to the company.
Rob Griffiths, associate director of AMI, states: “It is pleasing to see that firms are confident they will hit the 31 March deadline date when firms are supposed to have ‘implemented TCF in a significant part of their business’. That said, only 48% stated they were either at the implementing stage or actively embedding TCF in the business. This means a large number of firms still have work to do. This should be an even greater priority given that the FSA is already determining whether firms will hit this deadline.”
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 7034 2680 or email [email protected].IFAonline
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