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.”