Chris Cummings, Director General of AIFA, said: "The information released from the FSA relates to a sample of relationship managed firms and does not cover small firms. Although the headline figure states that only 13% met the March 31st deadline it is encouraging to note the FSA believe over 80% of firms will be capable of meeting the December deadline with a substantial and continued effort.
"These results show that the regulator has some hard lessons to learn in relation to implementing principals based regulation.
"Our own research prior to the March deadline showed that 87% of our members are implementing TCF. The research demonstrated that 40% collect and fully analyse their Management Information (MI) and 47% believe that they are well underway in embedding their MI work. The survey also showed that 97% of our members believe that they have TCF embedded in their culture.
"We have been involved in discussion and consultations with the FSA and as a result we have produced a number of factsheets, case studies and other guidance for our members to ensure that they are better equipped to meet the deadlines.
"We shall shortly reconvene our TCF working party and continue to support and issue information to our members up to the December 31st deadline."
