Hot Topics
The Financial Services industry is probably the most intensely regulated industry in the world and as a result, things change at a frantic pace. To ensure our clients receive the very best and most valuable support today, we are constantly modifying and enhancing our support.
This section of our website will highlight some of the current ‘hot potatoes’ in the industry and profile the support we can provide.
Treating Customers Fairly
We are sure you have already read a huge amount of literature about Treating Customers Fairly (TCF) - the FSA’s new initiative, which (in their words), will:
‘ensure that firms meet the requirements of Principle 6 to pay due regard to the interests of its customers and treat them fairly’.
The problem for most businesses though is how to condense this information into a plan for implementing TCF and evidencing this within your business. To assist our clients, we have created a dedicated information centre (accessible via our secure Extranet), which provides:
- A TCF templated project plan, complete with guidance notes
- An internal survey to enable you to identify the TCF gaps in your business
- A client questionnaire so that you can gather the all important evidence that you are satisfying TCF requirements
It will not be a surprise to you that the FSA is focussing increasing attention on this area. There have been a number of high profile disciplinary cases and fines over recent months due to TCF failings. The FSA also expect firms to have reached the implementation phase of their TCF project in a substantial part of their business by the end of March 2008. To reach the implementation phase, you need to have completed all preceding phases i.e.:
- Define what TCF means to your business,
- Agree the TCF principles for your business and communicate these,
- Carry out a gap analysis,
- Create an action plan with accountabilities and set measures.
We believe that the complete TCF solution, which we offer, will provide you with all of the necessary information and tools to achieve this. However, we don't just stop there, we also offer a comprehensive TCF audit to provide you with an in depth assessment and report of your firms progress in this area.
These visits are priced at £500 (plus VAT) and will last a full day, following which you will receive a detailed report and action plan.