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Haven Risk Management minds the gap for TCF

The service is based on a TCF audit, which assesses how a company is doing in key areas which the FSA refers to in communications.

Haven director Mike Kennedy says the object of the audit is to identify areas of success and areas where more work is required, which then leads to a supporting action plan.

Kennedy says when the FSA approaches the firm to assess how they are dealing with TCF, it will be able to provide this evidence through the report and action plan.

He says this plan is then followed up with appropriate rolling check-ups to ensure that progress is being made and the plan is being followed.

Haven interviews senior management, advisers and support staff as part of its audit to ensure there is a consistent TCF message throughout the business. It has been offering the service to member firms for the past two months and is now broadening it to any adviser firm.

Kennedy says: “We all know that the FSA is expecting firms to be able to show evidence of where they are with regard to implementing TCF. Our service will help firms meet the requirements and review key parts of the business to add value.”


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