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Half of advisers unsure what is expected on TCF

Nearly half of advisers are confused about the evidence the FSA expects them to produce by the December treating customers fairly deadline.

The Exchange surveyed 560 adviser firms and only 54 per cent say they confidently understand what the FSA expects from them to show evidence of TCF principles in their firm.

Only 51 per cent say they are confident that they could meet the TCF requirements if the deadline was today while 8 per cent say it is unlikely or not at all likely that they would pass the test while 41 per cent believe it is possible.

Managing director David Child says: “With the amount of regulation that advisers are now facing, it is proving costly for many firms to invest the time and research needed to ensure adherence to all the new rules while keeping up business levels under difficult market conditions. But it is rather concerning that so many advisers do not understand what is needed to be able to show evidence of TCF across their business, particularly when the FSA deadline is looming.”

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