FSA finds vast majority of firms still failing on TCF


Just 13pc of assessed firms met the FSA's March deadline for TCF, the regulator revealed today in its latest update.

The assessments focused on whether firms had adequate management information (MI) in place, rather than assessing whether clients were being treated fairly in practice. For those firms that failed to meet the deadline on time, and where it is unlikely the firm is capable of meeting the final TCF deadline in December, the FSA stressed it would intervene. However, despite the poor compliance figures, the regulator believes that around 80pc of the sample are still capable of meeting the final deadline, pointing out that many firms have invested significant time and energy working to measure...

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