Brokers risk TCF breach through poor client records

The FSA’s tightened TCF regime comes into force in March with stricter rules governing the provision of information on client contact which could leaver brokers open to regulatory censure should they fail to comply. According to iicon, brokers presently store only 50% of their client communications, with most face-to-face, telephone and e-mail contact rarely recorded in a client’s file. Few brokers have a centralised records system to capture written correspondence, while even less have the capacity to store client conversations. iicon says recording such information would have been impo...