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Financial services companies do not take TCF seriously says Watson Wyatt

Too many financial services companies are treating the FSA’s treating customers fairly initiative as a compliance issue and not addressing it at a senior enough level according to consultants Watson Wyatt.

At the Watson Wyatt Debating Forum held on April 12 about 30 senior executives from UK insurance companies and other financial services organisations voted on the motion that “this house believes that the FSA’s treating customers fairly (TCF) initiative will serve to restore customer faith in the financial services industry”.

Almost all organisations recognise the need for cultural change. The vote following the debate ended 46 per cent to 54 per cent – against the motion.

But there was some consensus that the TCF initiative could help to restore customer faith in the financial services industry if it is implemented in conjunction with other initiatives, such as financial literacy and consumer education.

Watson Wyatt head of UK insurance and financial services practives Martin Pike says: “For the TCF initiative to have real impact it will need full buy-in and leadership at board-level. TCF will require a change of culture in most companies. Ideally, it needs to be led at CEO level – as the FSA has itself indicated – and through a multidisciplinary project team that incorporates not just compliance, but sales, marketing, customer services and human resources. Some organisations are clearly embracing TCF fully, but from the voting at the Debating Forum, others are yet to be convinced.”


A consumer’s view

With the election campaigns well under way and the pros-pect of Labour being returned to power, voters will be dis-appointed to find out that there is nothing in the Labour Party’s manifesto, other than a few platitudes about want- ing a sustainable system, about pensions. The Turner review is due to report in the autumn […]

New Star equity sales 682 per cent on last year

New Star says its Isa season net equity sales were 682 per cent of last years, with its net commercial property sales at 485 per cent on the same period. Its European growth fund, managed by Richard pease, sold 61.8m in the Isa season, while the UK Alpha fund managed by Tim Steer took 44.7m. […]

Pru looks at developing its own wrap

Prudential is looking at developing its own wrap but says it will monitor the market before making any decisions. If it goes ahead, it says it will adopt a model that involves third parties sharing costs.

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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