The CII has joined forces with compliance expert Branko Bjelobaba, who heads regulatory consultancy Branko Ltd, to produce easily digestible explanations and interpretations of the FSA principle-based regime for both the small and large insurers, intermediaries and financial advisers.
Bjelobaba said: "Only this week the FSA has published an update on TCF which shows that only 13% of the relationship managed firms that they had assessed had met the March deadline. The FSA say that ‘we expect all firms to undertake a significant amount of further work with a great deal of energy to ensure that they meet the December 2008 deadline'.
"The business and people running it must have a deep desire to want to treat their customers fairly and the FSA this year with its deadlines are going to make sure this happens. Sitting back and doing nothing is not an option."
