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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.”

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