FSA: Firms must comply with TCF guidelines

News Article - 21 March 2007
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Accountancy firms may face enforcement action if they refuse to comply with the Financial Services Authority (FSA) requirements on treating consumers fairly.

The deadline for ensuring that a firm meets the terms set out by the FSA's treating customers fairly (TCF) regime is March 31st, after which time the FSA will be able to act, reports Accountancy Age.

Sarah Wilson, the FSA's retail firms division director, said that companies had received a lengthy period of notice in which to implement changes.

"Given the enforcement criteria I have already mentioned, it will also in our view be right that we consider the case for a referral to enforcement in all such cases."

"It is important to stress that if we proceed with a referral, it will be on the basis of alleged actual or potential consumer detriment - not failure to meet the deadline per se."

She added that she felt it was reasonable to expect all businesses to be complying with the guidelines by the end of March.

One particular area which is to be addressed is the quality of financial advice and its potential mis-selling, the FSA states.

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