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Consulting Consortium tool finds TCF hotspots in firms

The Consulting Consortium has designed an online tool to help advisers assess and manage how they applying the treating customers fairly principles within their business.

The baseboard requires firms to answer 106 questions relating to the six consumer outcomes of TCF and provide supporting documentation.

It produces a “heatmap” with green, amber and red areas to show how well firms are implementing TCF.

Managing director Joanne Smith says the tool serves a dual purpose as it also acts as a repository for holding TCF evidence and information.

Smith says: “I can guarantee that if you have considered this and can show that you have embedded this in your business, then the FSA will look very favourably on your TCF compliance.”

The Personal Finance Society is considering rolling out the baseboard to all its members and a number are testing the tool.

A spokesman says: “The tests so far have gone well but no decision has yet been made on the TCF proposition for all members.”

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