'More resources needed for small firms to implement TCF measures'

News Article - 24 July 2007
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The Financial Services Authority (FSA) needs to dedicate greater resources to helping small businesses implement treating customers fairly (TCF) measures, it has been urged.

Chairman of the FSA's Small Business Practitioner Panel Mark Rothery has suggested that the regulator do more to close the gap between the understanding and implementation of TCF principles, reports Citywire.co.uk.

Speaking at the FSA's recent annual public meeting, Mr Rothery said: "Put simply, it is a question of support and communication. Smaller firms need more direct contact with the FSA."

He added that while relationship management could not be achieved by all firms, there is now a case for the FSA to investigate into whether more resources should be used in the regulation and supervision of small firms, the website reports.

The FSA states that its TCF scheme aims to ensure that consumers can be confident that the businesses they are dealing with will treat them fairly.

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