Financial advisers are being warned they could face another TCF challenge via their point-of-sale providers.
According to IFA software provider Crystal, a lack of metrics could mean advisers will fail to demonstrate their service and advice in time for the FSA’s December deadline.
Crystal says one of the main challenges of the FSA’s principles-based approach is its ambiguity and is calling on brokers to talk to their technology providers to ensure they are on the same wavelength.
Patrick Shuker, director at Crystal, says: “TCF is an issue that causes considerable angst for many brokers as they are applying best practice but often have difficulty demonstrating this.
“By the December deadline we urge brokers to have spoken with their point-of-sale providers to ensure that the systems that they use not only provide compliant sales, but can produce the metrics to prove this.”
According to Crystal, the difficulty brokers will have in demonstrating TCF is the capture and reporting of information in a way “that shows a disciplined approach, but applied in a bespoke manner”.
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