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Advisers confused about TCF evidence

Nearly half of advisers are confused about the evidence the FSA expects them to produce by the December treating customers fairly deadline.

The Exchange surveyed 560 adviser firms and only 54 per cent say they confidently understand what the FSA expected from them to evidence TCF principles in their firm.

Only 51 per cent of firms say they are confident they could meet the TCF requirements if the deadline was today, while 8 per cent say it is unlikely or not at all likely they would pass the test. The other 41 per cent believe it is possible.

Managing director David Child says: “With the amount of new and growing regulation advisers are now facing, its obviously proving costly for many firms to invest the time and research needed to ensure adherence to all the new rules, whilst keeping business levels up under difficult market conditions. But it is rather concerning that so many advisers don’t understand what is needed to be able to evidence TCF across their business, particularly when the FSA deadline is looming.”

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