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87% of assessed firms failed to meet March TCF deadline

Only 13 per cent of firms assessed by the FSA met the March treating customers fairly deadline, which required them to have management information in place to test their TCF systems.

TThe FSA says that many firms have invested “significant time and energy working to measure TCF” and the regulator still expects 80 per cent will meet the December deadline.

The FSA has published its latest update on firms’ progress towards the December deadline, which requires all firms to be able to demonstrate they are consistently treating their customers fairly.

The regulator says it will take “tough action” on the worst performing firms, including enforcement action with increased penalties, a requirement for firms to hire external consultants and visits from FSA specialist teams to assess firms’ progress.

The regulator has published further material illustrating good and poor practice as part of its update, using examples observed during its recent assessments.

The FSA says an update on the progress of small firms in particular will be published early next year.

FSA director of treating customers fairly Sarah Wilson says: “Having appropriate MI or other measures in place puts firms in a position where they can measure the quality of the outcomes they are delivering for consumers. These results show that adequate MI is not yet fully in place in the firms assessed – it does not mean that they are treating their customers unfairly.

“However, we now expect all firms to maintain their momentum and to undertake a significant amount of further work to meet the December deadline of demonstrating that they are consistently treating their customers fairly.”

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