In its May Mortgage Intermediary Census, it showed more firms now building TCF into their operations.
Census results reveal that 95 per cent of intermediaries are now either ‘very aware’ or ‘aware’ of TCF. This is an improvement on corresponding research conducted in August 2005 which revealed 86 per cent were ‘very aware/aware’. The number of intermediaries who had not heard of TCF has gone from 5 per cent to zero this year.
AMI also asked intermediaries to what degree their firms had built TCF into their operations. 47 per cent answered ‘wholly’, compared to 38 per cent last year, while 41 per cent answered ‘partially’, compared to 33 per cent last year. 6 per cent had not yet started building TCF into their operations, compared with 16 per cent last year.
71 per cent of firms have already conducted a TCF review in their business. When asked what changes were made following this review, 37 per cent said a ‘few’, 16 per cent said ‘some’, 1 per cent said ‘major, while 16 per cent had made no changes.
Rob Griffiths, associate director of AMI, commented: “It is pleasing to see the levels of awareness of TCF rising throughout the intermediary community with large numbers of firms having already conducted a TCF review. The fact that many firms have also acted upon these reviews by implementing changes to their businesses shows the intermediary sector has grasped the importance of TCF and is responding to the challenge.
“The FSA will publish its July paper on TCF in the next few weeks and it is important that firms continue to engage with the initiative. The papers will outline areas of good and bad practice and firms must continue to act on any specific TCF issues identified by their internal reviews. Those members looking for further information on TCF and how to ‘embed’ it in their businesses can download the two AMI factsheets available from the website.”
AMI TCF factsheets
AMI has published two TCF factsheets which are available to members. One is entitled ‘A guide to TCF’. It has been produced to help members engage with TCF, understand what it means for their business, and take steps to ensure they can evidence TCF in practice. As well as a background briefing on TCF, this paper sets out an action plan for members to use so they can evidence their progress on TCF.
The second factsheet is entitled ‘Developing TCF’ and is targeted at the smaller firm trying to successfully implement TCF in its business. The topics covered are: TCF introduction; marketing and the sales process; TCF in the back-office; managing relationships with third-parties; management responsibilities; and a ‘how are you doing’ section which includes a risk analysis tool.
