IFAs must inform FSA about TCF progress

Speaking to the industry in London yesterday, Briault said: “I want firms to be clear that we are very unlikely to consider enforcement action if a firm has properly considered whether it is treating its customers fairly and has embarked in reasonable time on a plan of action that effectively addresses any identified shortcomings.” Robin Gordon-Walker, press officer at the FSA, says a “reasonable time” depends on the particular circumstances and the scale of the problem. For example, training a sales force of a large insurance company on TCF can take a long time so senior management need ...