View more on these topics

A third of firms see senior management buy-in as biggest TCF barrier

Senior management buy-in is the biggest barrier to firms implementing TCF, according to a third of delegates at the FSA’s recent conference.
The 400 financial services practitioners at this week’s FSA TCF conference were polled on their views of the barriers to TCF and how their own firms were progressing with this initiative.
33 per cent said senior management buy-in was the biggest barrier, followed by quality of staff with 23 per cent, cost at 11 per cent and regulation at 10 per cent.
22 per cent of delegates said their firm has progressed to embedding TCF, 44 per cent said it was in implementation stage, 26 per cent said they had progressed to strategy and planning stage and 8 per cent said they had only progressed to an awareness stage.
The FSA says evidence from the FSA’s thematic work and its recent work on enforcement cases shows there is still much to be done in this area.
It has given firms until March 2007 to show they are well on the way to implementing TCF throughout their business.
FSA managing director retail markets Clive Briault said: “We want to maintain and increase the momentum to deliver the consumer outcomes through the firms we regulate, by regulating those firms in a more principles-based way. Together, we can make a real difference to the consumers of financial products and services.”

Recommended

Field slams HBOS on Farepak collapse

Labour MP Frank Field has laid down an early-day motion attacking HBOS for its “pivotal” role in the collapse of Christmas savings firm Farepak. He says HBOS allowed Farepak to continue trading while it clawed back around £1m a week of people’s savings to offset the company’s overdraft with the bank.

New brand push for Resolution

Resolution Asset Management has hired advertising agency RPM3 to create a major new brand campaign for the group in the New Year.

India GDP surprise

By Kunal Desai, head of Indian Equities, Neptune Kunal Desai, manager of the Neptune India Fund, comments on the strength of India’s latest GDP figures. Click here for more Important Information Investment risks The Neptune India Fund may have a high volatility rating and past performance is not a guide to future performance. The value […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com