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The Financial Services Authority (FSA) has published an update on the industry’s progress towards the December deadline on how firms are demonstrating that they are consistently Treating Customers Fairly. The interim deadline (March) required firms to have management information (MI) in place to test whether they are treating their customers fairly. Having appropriate MI or other measures in place will put firms in a position where they can measure the quality of the outcomes they are delivering to customers. The FSA have stated that they will intervene in instances where firms have failed to meet the March deadline and where it is unlikely that firms are capable of meeting the December deadline.
It is important that you can demonstrate that you are Treating Customers Fairly and that you have sufficient MI in place which is being effectively used within the business prior to the December deadline. Over the coming weeks we will be producing articles that will be sent to our customers in order to assist them to meet this deadline.
If you are concerned about meeting the December deadline and would like us to complete a TCF themed visit on your firm please contact us at Ecompli or directly on 01254 675 674 and we can discuss your requirements.
- Telephone: 01254 670048
- Email: info@ecompli.co.uk
Tip of the week
Principle 3 requires firms to take reasonable care to organise and control its affairs responsibly and effectively. This includes making proper arrangements to ensure that any employee associated with regulated activities achieve, maintain and enhance competence.
Firms are expected to make their own arrangements to meet these standards, which must be appropriate to their business.
