TCF
Treating Customers Fairly
With just weeks to go before the 31 March deadline for ensuring your business can show it has the management information to demonstrate it has a TCF culture, intensity within in the industry to refine and all efforts that it is going in the right direction is at its highest pitch. The FSA has recently published results of some pilot IFA’s who on the face of it have established what management information they have and two thirds are implementing changes to their business using this knowledge gained from this information. It was noted that a third were still struggling to make that final link.
The working party has now published it’s definitive guide for sole trades in the form of a methodology, matrix of MI required and a couple of ‘pen portraits’ which show what to do with this information and give an example of how to track this back to the 6 TCF customer outcomes. Further publications will come out in the next few days with relevance to small firms that have multiple advisers, however a quick read of the sole trader documents can be very helpful for any sized firm just to reinforce your own thinking.
There are two great advantages to these publications. First they are very concise, 4 simple documents. Second is the FSA have had the opportunity to see and comment on the content and whilst in no way endorsing the publications they are happy for AMI to disclose that they have had input into them.
Good luck and remember to link all of your TCF work back to the 6 outcomes. You can rest assured if you are checked the outcomes will be the basis of the questions!
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