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Which? says name and shame TCF firms

Which? is calling on the FSA to name and shame the non-compliant firms in its latest mystery-shopping probe.

The results of the regulator’s survey of how 50 adviser firms are adapting to its treating customers fairly regime found that a third of the firms failed to explain risk adequately to the customer.

Almost all firms claimed to offer a full advice survey but only a third undertook a full review of their customers’ needs and objectives.

The report was slammed by Aifa director general Chris Cummings for being biased against advisers and tarring IFAs with the same brush as tied agents and bancassurers, which he says are the main offenders.

But Which? says the results are “shameful” and the culprits should be named and shamed. Personal finance campaigner Emma Bandey says: “It is shameful that some financial services companies are still struggling to treat their customers fairly. In the absence of sufficient progress, Which? believes that the FSA must name and shame the companies it knows are breaking the rules, as this information will help consumers tell which companies they should use and which they should avoid.”

But FSA spokesman Dave Whitely says: “We are unable to name and shame the firms involved as under the Financial Services and Markets Act, dealings with regulated firms are confidential until we take enforcement action. Which? can call for this as much as they like, it will not make any difference.”


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