The CII has joined forces with compliance expert Branko Bjelobaba, who heads regulatory consultancy Branko Ltd, to produce easily digestible explanations and interpretations of the FSA principles based regime.
Bjelobaba says: “Only this week the FSA has published an update on TCF which shows that only 13 per cent of the relationship-managed firms that they had assessed had met the March deadline. The FSA say that ‘we expect all firms to undertake a significant amount of further work with a great deal of energy to ensure that they meet the December 2008 deadline’.
“The business and people running it must have a deep desire to want to treat their customers fairly and the FSA this year with its deadlines are going to make sure this happens. Sitting back and doing nothing is not an option.”
CII director of policy and public affairs David Thomson says: “Branko and his team have been at the forefront of helping firms become compliant, and this is something we have wholeheartedly endorse and supporting the industry on a practical level. TCF is a major regulatory challenge and our members need practical help and support to get them through the process.”