The FSA needs to up its interaction with smaller firms if it wants them to consistently meet its expectations, according to the Smaller Businesses Practitioner Panel.
The Panel says a reallocation of resources may be required in order to achieve this or compliance levels – and therefore consumer confidence – may remain relatively low. It forms part of the Panel’s annual report for 2006/7, which also claims some small firms lack the “information and motivation” needed to satisfy the regulator’s targets. The FSA announced in May only 41% of smaller firms met the ‘implementation’ stage of its treating customers fairly (TCF) principles. However the Panel, which represents the interests and views of smaller financial services firms – around 93% of the Mark...
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