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CII helps members meet TCF challenge

New guidance offered as research shows half of advisers have not built TCF into their businesses

Fears over the FSA treating customers fairly’s regime have prompted the CII to release new guidance for its members.

The launch coincides with research from Aifa which rev-eals that half of advisers have not even started to build TCF into their businesses.

The CII guidance comprises a series of eight fact sheets on the overriding principles of TCF and covering the key areas affected. These are being distributed to members electronically and will be available on the CII website.

The CII is also introducing a specialist TCF e-tutorial avai-lable free for users of its ed.Assess online competency tool. The program includes tutorials, key facts and assessments to help advisers understand the key principles of TCF.

The initiative forms the latest part of the CII’s ongoing professional support programme which has recently seen the launch of a new obligatory continuing professional development scheme and a revised code of ethics and conduct.

The CII has also published a conflicts of interest guidance note to expand on the values outlined in the code of ethics and conduct.

The guidance note focuses on the processes that CII members should implement to ensure they can manage any conflicts of interest.

CII director general Sandy Scott says: “The CII is providing the tools, support and services to help members and therefore the organisations that they work for – rise to the challenge of delivering technical capability, fitness for purpose and unshakeable integrity.”

Aifa director general Chris Cummings says: “The FSA needs to ensure that TCF does not result in regulation via the back door. Firms need to be clear about what is expected of them, otherwise the introduction of this initiative could create regulatory and finan- cial problems.”


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