FSA scraps TCF workshops
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The FSA has cancelled its programme of regional workshops on treating customers fairly to concentrate its resources on the move to the new regulatory restructure and the RDR.
The FSA has been carrying out its regional small firms TCF assessment programme since March 2008. It has included roadshows, face-to-face-visits and phone interviews.
The regulator scheduled six regional events to follow up on earlier assessments, but decided to cancel them last week and notified advisers earlier this week. A total of 88 firms had been invited to attend and 18 firms had confirmed their attendance.
In December, FSA chief executive Hector Sants said the regulator would spend less time on the routine supervision of smaller firms in order to concentrate on the transition to the new regulatory structure.
An FSA spokeswoman says: “We have cancelled all of the workshops due to a reprioritisation of resources so we can meet the timetable for our regulatory reform agenda.”
Paladin Financial Services managing director Tim Purdon was due to attend one of the workshops.
He says: “I am disappointed because this was an opportunity for us to get practical guidance from the FSA on what is a day-to-day issue.
“What grounds does the FSA have for criticising IFAs for not meeting the required standards when they do not even come and talk to those IFAs about those standards?”
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Readers' comments (27)
Anonymous | 17 Aug 2011 4:01 pm
I think I will "reprioritise" my resources too for silly stuff like looking after my clients and making money rather than.........
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j c | 17 Aug 2011 4:04 pm
They were a complerte and utter waste of time. Do us all a favour and scrap yourselves. Would improve the industry no end.......
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David Salmon | 17 Aug 2011 4:11 pm
News to me - I received a letter from the FSA on Monday confirming my attendance at the Cambridge workshop
Usual efficient communication........
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Anonymous | 17 Aug 2011 4:14 pm
Guess I'll just scrap TCF and concentrate on RDR then. Oh no........I can't, cause I'm not allowed to make up the rules as I go along!!!
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Anonymous | 17 Aug 2011 4:19 pm
I was one of those "invited" to the workshops. I did not sign up to the workshop as I had already spent a day at a workshop last year, I had then prepared and attended a one to one interview. I am fully aware of the requirements of TCF as was proven by the results of the interview. What more were the FSA going to add? They have been cancelled through lack of take up which I for one totally understand. The FSA have gone into overkill on this topic.
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Anonymous | 17 Aug 2011 4:26 pm
I still haven't worked out what TCF is - other than the bloody obvious of doing your best for the client.
It is the civil service mentality of the FSA that should be scrapped - perhaps then we would have more time to spend looking after our clients rather than pandering to their endless box-ticking.
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Richard | 17 Aug 2011 4:27 pm
FSA.
I think with 18 out of 88 firms accepting your kind invitation it is a case of IFA firms prioritising their resources and you having to simply save face.
So if you had had a significant attendance and run the TCF worshops you would not be in a possition to meet your time table for regulatory reform.! we assume. This despite having had 4 years to prepare. Kettle , pot !
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Anonymous | 17 Aug 2011 4:27 pm
Rumour has it that TCF is being replaced by TAF...Treating Advisers Fairly!
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david | 17 Aug 2011 4:34 pm
WHOOPS ! .... they have decided that we wont need tcf .........................................................ONCE THEY HAVE PUT US ALL OUT OF BUSINESS¬
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Anonymous | 17 Aug 2011 4:42 pm
Perhaps that TCF was Total Flippin Comedy after all .....we won't tell anyone what we are thinking then they wont know that we have changed our minds again!
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