A third of firms have yet to implement TCF

A survey of 400 financial services practitioners who attended the FSA’s TCF conference reveals 44% of firms are implementing TCF and 22% are embedding it. A further 26% are in the ‘strategy and planning’ stages, while 8% are only ‘aware’ of the initiative, which means a third of firms (34%) have yet to reach the implementing stage. The majority of firms (33%) cite lack of senior management buy-in as the biggest barrier to implementing TCF, followed by quality of staff (23%), cost (11%) and regulation (10%). The FSA says the research reinforces the point made in its TCF progress report ...