Stephen Bland, the FSA's director of small firms, defended the regulator's treating customers fairly (TCF) initiative at Aifa's Leaders of the Industry lunch yesterday.
Critics have argued TCF is unnecessary, ill-defined, absolves customers of their responsibilities, and is product regulation by the back door. But Bland said: “TCF has been subject to a number of criticisms; I believe these to be unfounded. “On the contrary, I believe it offers a number of benefits for you and your businesses,” said Bland. “In particular, we consider TCF to be an integral part of maintaining consumer confidence in the financial services industry.” Bland believes TCF will lead to “a flourishing financial services industry with many more satisfied customers and many m...
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