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Compliance chief says TCF principles are nothing new

Treating customers fairly brings nothing new to advice as many firms have been putting its principles into practice for years, Clarkson Hill head of compliance and small firms John Lacey told advisers last week.

He said: “Even if you think back to know your customer and the many variations of it that have appeared since then, it is what we have already been doing. We know how to treat our clients and that is fairly.”

Lacey told the national conference that Clarkson Hill has only had 18 complaints against it upheld since launch in 2003 out of 73,160 transactions.

He said the key to compliance is 100 per cent case checking and the group has decided to reward its leading IFAs on their compliance performance, to make it of equal importance to business production.

He said: “Fact-finds, recommendations and advice, suitability letters, compliance checking – it is all what we did before any of us had even heard of TCF.”

Clarkson Hill is highlighting the importance of online activity. The firm was ranked the sixth most efficient IFA in this year’s Plimsoll report but says 44 per cent of its advisers do not use its website. It is introducing online commission statements to improve adviser efficiency.

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