Biba has welcomed the FSA's report published today which shows that many firms have made good progress with their treating customers fairly programmes. The FSA had set firms the target of having at least reached the implementation stage of their TCF work in a substantial part of their business by the end of March 2007.
Steve White, Biba's head of training and compliance, said: “We are pleased that the FSA has recognised the considerable efforts already made by many firms in respect of the treating customers fairly initiative.”
The FSA has introduced a new deadline for all firms to have finished their work on TCF in order to maintain momentum with the initiative. Firms will have to be able to demonstrate to themselves and the FSA that they are consistently treating their customers fairly by the end of December 2008.
White added: “There is still much work to be done and Biba urges those firms that have yet to get to grips with TCF implementation to apply fresh impetus to their work without further delay if they are to meet the FSA's new deadlines in 2008.”
Biba also welcomed the increased resources that the FSA is to dedicate to helping small firms towards meeting the challenge of TCF. These include an expanded range of online TCF tools and a programme of regional workshops on the issue.
White said: “Small firms will see an increased focus on their TCF efforts when they interact with the FSA in future. Assistance is available to smaller firms and they should not hesitate to make use of it if they are to make the speedy progress with TCF which the FSA maintains should be possible.”
