With the TCF deadline set for March 2008, Nausica Delfas, head of the regulator’s TCF team, insisted that the FSA was looking for evidence of improved business practices among firms.
The FSA also warned firms who did not meet the deadline that they would face more regulatory intervention, with the regulator confirming that it would deal out stronger enforcement action, in addition to introducing further intense questioning for ailing firms.
Speaking at the Mortgage Business Expo, Delfas said: “The pace of progress needs to increase. What we have seen mainly has been in the back offices but there is further to go with customers and ensuring evidence is suitable.
“There is room for improvement on both sides and we are detailing various outcomes, but it is important that there are no hidden surprises for consumers, particularly with fee disclosure and early repayment charges.
“For brokers, we have found some good practise and some less good too. We urge you to look at the framework talk about whether it will be helpful.”
Looking forward, Delfas claimed that the FSA was urgently seeking high levels of TCF that will start to bear fruit and it expected full activity, as it was in the firms’ best interest too. She urged brokers to ensure that the completed records and Key Facts Illustrations were in place, and to focus on the commercial benefits of TCF.
Michael Coogan, director-general of the Council of Mortgage Lenders, said: “We’re not sure what kind of animal TCF is, but it’s a matter for the FSA and you to decide.”
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