The veil of timidity that has been draped for so long over the Financial Services Authority (FSA) is slowly being lifted.
Criticised in the past for not being ruthless enough with firms that have shown scant regard for the new regime, the regulator now has whip in hand and is not afraid to crack it. Those in receipt of the regulator’s wrath are not always the big boys, but smaller firms that have struggled to make sense of the new rules and have toiled to successfully incorporate them into their business models. Catching most firms out is the Treating Customers Fairly (TCF) directive. New research shows that the number of financial penalties for breaches in TCF has rocketed. Treating customers fairly breach...
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