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AMI creates TCF working party

The Association of Mortgage Intermediaries has created a Treating Customers Fairly working party which will be led by director Richard Farr.

This comes after the latest report from the FSA in the run up to the next TCF deadline of March 31 which requires firms to have relevant management information in place.

The TCF working party will involve key members of the industry including London & Country’s Patrick Bunton and Pink Home Loan’s Kay Leslie.

The first TCF working party meeting will take place on November 28.

Farr says: “The working party will provide a forum to discuss the key TCF issues facing members. We will be working very closely with the FSA over the coming months up to the 31 March deadline and beyond. We aim to discuss and agree the MI requirements for small and large firms alike, to clarify the requirements for intermediaries.

“AMI feels strongly that the FSA’s TCF proposals are currently too ambiguous. We must learn from previous deadlines and ensure we provide all of the necessary guidance for smaller firms. The FSA and trade bodies must ensure that small firms have every chance of achieving the TCF deadline.

He adds: “While many firms collect and review MI it is not always evident how they put it into practice. Firms must be able to demonstrate they are using this information, and the FSA has said that it will take action against firms that do not comply.”

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