TCF MI failure raises questions
With the second deadline of the year looming, Katherine Brandon reviews the issue of management information for Treating Customers Fairly compliance
This is a key year for the Treating Customers Fairly initiative. In March, firms had to meet a first deadline by having appropriate management information in place to test whether or not they are TCF compliant. Yet, 87% of firms assessed by the Financial Services Authority for their June progress update failed to meet the March deadline.
According to the FSA's progress report, it is not lack of enforcement that is preventing brokers from becoming TCF compliant: "All firms that failed to meet the
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