ARs failing TCF warns FSA

The comment follows a TCF review of ARs conducted over the last few months mainly involving small firms. It covered systems and controls, recruitment, training and competence and found firms have not addressed many of the concerns identified during a similar project carried out in 2006. General insurance firms performed the worst in the review, while mortgage firms did better and investment firms performed the best. Following the review, the FSA may refer four firms to enforcement and will make follow-up visits early next year to 11 firms that need significant action to see if they have ...