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Senior managers blamed for holding up TCF progress

Lack of support by senior management is the biggest barrier to firms implementing the treating customers fairly initiative, say financial services practitioners.

Four hundred delegates at the FSA’s TCF conference in London last week were polled on the barriers to TCF and how their own firms are progressing with the initiative.

Thirty-three per cent said senior management buy-in is the biggest barrier, followed by quality of staff at 23 per cent, cost at 11 per cent and regulation at 10 per cent.

Twenty-two per cent of delegates said their firm has progressed to embedding TCF, 44 per cent said their firm is in the implementation stage, 26 per cent said they have progressed to strategy and planning while 8 per cent said they have only progressed to an awareness stage.

The FSA says evidence from its thematic work and enforcement cases shows there is still much to be done in this area. It has given firms until March 2007 to show they are well on the way to implementing TCF throughout their business before it starts to crack down on them.

FSA managing director, retail markets, Clive Briault said: “We want to maintain and increase the momentum to deliver the consumer outcomes through the firms we regulate, by regulating those firms in a more principles-based way. Together, we can make a real difference to consumers.”


AIG subsidiary swoops for Ocean Finance

AIG subsidiary American General Finance Corporation has bought Ocean Finance and Mortgages for an undisclosed sum. The deal, which is subject to regulatory approval, was confirmed on Friday afternoon and adds to the insurer’s increasing influence in the UK. It follows months of speculation regarding Ocean’s future.Law firm Norton Rose has been advising on the […]

AIC urged to boost promotion

The Association of Investment Companies needs to do more to promote investment trusts and push its members to make information more easily available to advisers, according to Transact managing director Ian Taylor.Speaking at the Money Marketing investment trust round table, Taylor said the AIC does not have a good track record in terms of allowing […]

Coming clean on claims

Our panel consider how much the publication of claim statistics by protection providers has contributed to improving the image of the industry

B&B sells its own-branded mortgages

Bradford & Bingley will stop selling mortgages from other lenders today and will instead sell its own-branded mortgage products.The Bank will offer advice on buy-to-let, self-certification, first-time buyer and standard mortgages which will be sold through its 205 branches throughout the UK.B&B says it will be the first nationwide high street lender to offer self-certification […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


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