The beauty of TCF

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The unsettling spectacle of markets crashing around us might have distracted the more routine aspects of advising clients in past months so advisers would be forgiven for parking Treating Customers Fairly (TCF) at the back of their minds.

But financial crisis or not, by the end of this year, all regulated firms must be able to demonstrate their ability to treat customers fairly and that this behaviour has been embedded. There has been a measure of anxiety about what the regulation means to advisers and how they can accommodate yet another round of mind-bending regulatory change. The big challenge this time has been the deliberate lack of detail of the regulation itself. This is the first of the regulator’s so-called principles-based regulations where a series of desired outcomes are set rather than rules to follow. Firms...

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