The FSA has reported an increase in commitment by senior management to the principle of Treating Customers Fairly but warned firms who have failed to engage that they face tough action...
The FSA has reported an increase in commitment by senior management to the principle of Treating Customers Fairly (TCF) but warned firms who have failed to engage that they face tough action.
The FSA has also announced a new deadline for all firms to have completed their work on TCF by end of December 2008.
The current level of progress on TCF was set out in a report published today. The results show that 93% of major retail firms, 87% of medium sized retail firms, 74% of wholesale firms (where TCF is relevant) and 41% of small firms met the deadline.
Sarah Wilson, FSA director with responsibility for TCF, said: "We are encouraged that senior management in very many firms are showing strong commitment to TCF and are rising to the challenge of a more principles-based approach to regulation. The big prize here is achieving improved outcomes for consumers and this is why we have set a further deadline today. Meeting that deadline will require sustained focus from senior management.
To help small firms, the FSA has said it will expand the range of TCF online tools and begin the rollout of regional workshops. In future small firms can expect even more focus on TCF in their dealings with the FSA.
