FSA figures revealing 59% of intermediaries failed to meet the Treating Customers Fairly deadline in March has prompted threesixty to launch a series of TCF workshops available to all advisers.
The support service provider for IFAs says the workshops – which will be held between 19 June and 18 July – will offer assistance in creating a TCF policy statement and gap analysis.
In addition, threesixty claims the seminars - which cost £100 plus VAT for each attendee - will also show advisers the perception of their firm’s advisers and staff in relation to TCF.
The launch of the TCF workshops follows the FSA’s revelation last month that only 41% of intermediaries had met the March deadline for implementing TCF, which requires them to:
- Create a clearly defined set of objectives with regard to TCF
- Undertake a gap analysis to establish which elements of the firm’s systems and controls require attention in order to meet the TCF objectives
- Create a TCF plan Communicate both objectives and plan to advisers and staff
- Review feedback from advisers, staff and customers
- Amend the TCF plan, as necessary
David Brattesani, partner at threesixty, says the number of intermediary firms which have failed to meet the TCF deadline is concerning, although he suggests the principles-based nature of the TCF is making the regulation particularly difficult to address for many of them.
He adds: “A number of intermediaries have struggled with FSA guidance on this, either doing too much or too little, which is why we hosted a number of seminars for our clients in the run up to the deadline. As a result our clients successfully met the deadline. We are confident that intermediaries who need assistance will take advantage of our workshops.”
Those requiring more information on the workshops including dates and locations should contact Susan Taylor or James Jarrold on 08707 360 360.
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