Tenet is launching a TCF accreditation programme to encourage advisers to up their game, ahead of the FSA’s March deadline.
Following Tenet’s toolkit launch and guide last November, it will launch an accreditation plan for IFAs to make sure they have not only understood TCF principles but adopted them.
The programme uses gap analysis questionnaire and KPIs including frile reviews, persistency and complaints, with Tenet taking a red, amber and green assessment of each firm. Red and amber scores will receive support action from Tenet staff.
The questionnaire is then updated by member firms on a bi-monthly basis to keep a regular check on progress and shortfalls.
Tenet group distribution and development director Keith Richards says: “Our accreditation programme is designed to give our members confidence that they are fulfilling their TCF obligations or help them identify and address areas of weakness.
“The issue of TCF is quite subjective, which is also one of the challenges it poses to advisers. In recognition of this we have designed our questionnaire to reflect that firms can achieve the same results in a number of ways, often influenced by their business practices and size. Increased focus on TCF from an adviser perspective will ultimately lead to increased business opportunities, consumer benefit and a happy regulator.”