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 ...
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