Aifa defends small firms over TCF report

In its ‘Treating Customers Fairly initiative: progress report’ published this morning, the regulator says only 41% of small firms met its March implementation deadline. Chris Cummings, director general of Aifa, says it is no surprise smaller firms have been found wanting so far. He also the regulator’s data is partially misleading at first glance because the FSA’s assessment of small firms was carried out in December 2006 and January this year, two months before the deadline. “It may be disappointing, but I think it is not surprising, that the report demonstrated that in the main it w...