One third of firms have yet to reach the implementing stage of the ‘treating customers fairly' initiative, despite the Financial Services Authority setting March 2007 as the implementation deadline.
A survey of 400 financial services practitioners who attended the FSA’s TCF conference reveals 44% of firms are implementing TCF and 22% are embedding it.
A further 26% are in the ‘strategy and planning’ stages, while 8% are only ‘aware’ of the initiative, which means a third of firms (34%) have yet to reach the implementing stage.
The majority of firms (33%) cite lack of senior management buy-in as the biggest barrier to implementing TCF, followed by quality of staff (23%), cost (11%) and regulation (10%).
The FSA says the research reinforces the point made in its TCF progress report in June, which found senior management aspirations had not yet fully permeated through businesses to result in improved outcomes for customers.
Clive Briault, managing director of retail markets at the FSA, says: “We want firms and their senior management to drive through and demonstrate achievement of the six TCF outcomes.”
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
The forces at play in investment - most obviously, regulatory change, uncertain markets and shifting demographics - are as strong today as they were when Professional Adviser launched its sister magazine Multi-Asset Review in 2017.
Regulator has visited some firms already
Platforms react to Fidelity blocking Income Focus purchases
Chris Hill's letter to Treasury
Cash balance surges