View more on these topics

Less scrutiny if firms can prove TCF credentials

The FSA has published guidance to help adviser firms improve their standards for treating customers fairly and has promised less scrutiny of firms that prove their TCF credentials.

Last week, the FSA published a paper on TCF culture, including examples of good and bad practice and a framework for firms to assess barriers to TCF development. It has also published a guide to TCF management information, summarising messages from other FSA publications.

Sarah Wilson, the FSA director responsible for the TCF initiative, says the papers are aimed at addressing the gap between the level of engagement of senior management in firms and that of middle-management and other staff.

Wilson says when the FSA is satisfied a firm has sufficient systems and controls in place and that senior management are reviewing and using reliable TCF management information, it will significantly reduce the level of regulatory scrutiny of the firm.

In its July newsletter, the FSA announced that it will visit 50 adviser firms in September to review processes for giving advice following its previous TCF quality of advice work.

The FSA has set two TCF deadline for firms – March 2008 for firms to show they have appropriate management information or measures in place to test TCF and December 2008 to demonstrate they are consistently treating their customers fairly.

Wilson says: “There is a gap between the level of engagement in TCF at senior management level and the experience of the customer at the coalface.

“We strongly encourage firms to consider the issues we have identified and to think about how to use the framework to review their culture regarding treating customers fairly.”

For more regulation news, visit www.moneymarketing. co.uk/regulation

Recommended

Quiz night teams are left stumped

The Lifesearch, Royal Liver and Aegon quiz night got off to a great start with the silver screen round but it was all downhill from there on for the two Money Marketing teams which came sixth and last.A downmarket rival publishing house came top, with appropriately named team Poorly Presented coming a close second, just […]

Hometrack acquires SIA Limited

Hometrack has acquired geographic information systems software provider SIA Limited. Hometrack chief operating officer David Catt says: “This acquisition is a perfect fit for Hometrack with real product synergies which are of mutual benefit to both sets of clients. The system comprises a sophisticated mapping model which is capable of graphically highlighting a wide range […]

Morgan Stanley

The group’s £6m UK equity fund has underperformed by 10 per cent over the past three years.Modray says this proves that large resources are no guarantee of success.A Morgan Stanley spokesman comments that the fund is not marketed and has “minimal assets”.

Incentives could make IFAs change models

Most IFAs say they would con-sider changing their business model if the FSA offered financial or other incentives to become a professional financial planner, according to Aegon’s latest IFA Insights survey.Sixty-one per cent of adv-isers said they would consider gaining higher qualifications and introducing customer agreed remuner-ation to fit the FSA’s proposed “professional model” if […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com