Speaking at the PFS conference on TCF last week in London, HBOS managing director of financial services Rob Devey said FSA supervisors were unsure of what MI should look like for bigger firms.
By the March deadline, the FSA expected all firms to have the MI in place to test the effectiveness of their TCF systems. It recently revealed that only 13 per cent of bigger firms met this deadline.
Devey told Money Marketing after the conference: “We are having to collectively learn what the answers look like as we go along. Everyone can say what it does not look like rather than what it does look like.”
FSA small firms division investments manager Mark Wilson says that as big comp-anies can be very complex operations, assessing management information requires a higher level of understanding.
He says: “The scope and complexity of big companies can be very broad and the FSA has to get to grips with each business model before it can assess its management information.
“But for small firms, the requirements are really quite straightforward and the FSA knows exactly what it is looking for.”