The FSA is due to publish the further guidelines this month. The guidelines will be specifically aimed at smaller firms to assist them in abiding by the TCF principles.
David Whitely, spokesman at the FSA, said: “We have done a lot of work with larger firms on this and now feel we should give more guidelines for smaller firms so they can work productively in terms of the TCF principles.”
Stephen Atkins, group compliance director at Freedom Finance, warned: “The next phase of the TCF regime is going to be announ-ced in June. Any firm that has not done something about this by kicking off their TCF work must get going fast. It really should be a priority for all brokers.”
Kevin Morgan, managing director of Consilium Financial Planning, said: “The fact the FSA is putting out more guidelines suggests it doesn’t feel firms are doing enough.
“But most brokers would say they do treat their customers fairly by giving them the full picture and having an up-front, honest relationship. It is in our interest to foster good relationships with our clients so we would not ignore these guidelines.”
John Stewart, director of PMI Independent Financial Advisers, commented: “I know, we’re terrible. As soon as the customer walks in the door we hit them over the head, skin them alive and take all their money.
“It’s ridiculous. What is this all about? There are many brokers and IFAs who have been in the business for many years mainly because they treat their customers in an exemplary manner. You can’t run a successful business without doing so.”
