By 31 March, all brokers must show that they have fully embraced the principle of TCF and have embedded the concept into their business culture.
In November last year, the Financial Services Authority (FSA) delivered findings on the progress being made on the implementation of TCF and called for greater pace of progress if firms were to fully satisfy its demands.
Sarah Wilson, director of TCF at the FSA, said: “For firms that rise to the challenge, where senior management do drive change in the next 14 months, there will be a regulatory dividend. For those firms that fail to take their obligations seriously, our message is absolutely clear – you will face more regulatory intervention.”
Speaking to Mortgage Introducer in December, Wilson encouraged brokers to consider TCF as a cultural change in the way business operations are carried out, with attention focused on the concept as an ongoing method and to utilise websites and factsheets from the FSA and trade bodies for guidance.
“One of the signs of success in TCF is that firms should be constantly working at developing a better standard of practice.”
To support the Mortgage Introducer ‘Countdown to TCF’ campaign and to have your say, please contact Angela Faherty on [email protected]
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