Financial advisers, mortgage and general insurance intermediary firms will be required to at least "describe" their ‘treating customers fairly' strategy rather than set it out on paper to meet such requirements, according to the latest FSA paper.
Details of the FSA’s 2005 TCF report released yesterday suggests the regulatory body recognises smaller firms may not vast management resources to ensure all aspects of its TCF policy is in the best interests of consumers. Larger firms are being asked to provide written evidence to the FSA of a firm's TCF strategy and how senior management will ensure this structure is operated correctly. Under TCF requirements, intermediaries are expected to at least be able to explain from September 2005 - if an FSA supervisor visits their firm - the company’s risk management structure for ‘treating...
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