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True Potential starts second phase on TCF for advisers

True Potential is now giving its 3,100 users clear guidance on treating customers fairly as a new TCF module forms part of its finalised first stage of development.

With 60 firms signed up, TP says its first phase is now finished and the next stage is being developed.

TP says the TCF module should give all advisers, especially those directly authorised, the tools to meet the December TCF deadline.

Senior partner Daniel Harrison says without proper use of technology, advisers are wasting huge amounts of company resources. He says: “Every second you spend on this is time spent away from giving the type of service that you and your clients want – the real measure of TCF.”

TP says of 1,357 firms interviewed for its last study on distribution, 43 per cent do not use technology, 52 per cent use paper to collect and file market intelligence data and 58 per cent use paper to collect their regulatory information, all of which reduces their ability to meet the TCF deadline.

True Potential says it is probable that many of these firms did not have adequate procedures in place to satisfy the FSA’s March deadline and it is likely to focus on smaller firms and 77 per cent of firms have five registered individuals or fewer.

Harrison says: “With these factors, and the December 2008 deadline approaching, it is imperative that firms act immediately to prevent FSA censure, enforcement and fines.”


Bonham Carter fund axed from Wealth 150

Hargreaves Lansdown has kicked a number of high-profile managers off its Wealth 150 list of favourite funds, including Jupiter’s Edward Bonham Carter and Schroders’ Andy Brough.

Mean time at the Rock

The UK finds itself in a most peculiar situation where a state-owned bank is treating its customers probably as unfairly as it is possible to treat them short of defrauding them of their money.

Adair Turner to face Treasury Select Committee

Lord Adair Turner will be the first chairman of the FSA to be grilled by the Treasury Select Committee in a pre-commencement hearing, as part of new rules set out in the Governance of Britain Green Paper.


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