AIFA demands TCF 'sunset' clause

Director general Chris Cummings says the lack of such a clause, which dates back to the Roman Empire, helps the regulator dodge accountability for its actions and leaves rules such as treating customers fairly (TCF) largely exempt from evaluation. A sunset clause, or ‘sunsetting', ensures legislation is reviewed, kept up to date, and not left on the statute book after it has served its purpose. According to Cummings, examples of FSA policies which have "passed their sell-by-date" but remain "on the shelf" are numerous. "We can talk about money laundering rules, polarisation and cer...