Commission may never be compatible with treating customers fairly (TCF), the Financial Services Consumer Panel (FSCP) warns.
The warning follows FSA criticism today of the “slow progress” being made by firms to meet its TCF deadline next year. The FSCP’s comments are likely to anger some advisers who insist the most effective and fair way of paying for advice is via commission. The FSCP says the regulator should take enforcement action at the end of its “already extended” deadline if firms can not make progress on TCF of their own accord. John Howard, chairman of the FSCP, says: “There has been a worryingly slow rate of progress shown by companies in getting to grips with treating customers fairly and makin...
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