With a deadline of 31 March for firms to improve TCF practices, the FSA has updated its guidance with the launch of a round-up of key announcements and publications on TCF, entitled: ‘Assessing Progress – A Background Note For All Firms On The March Deadline.’
The FSA has indicated it would be looking for market improvements, and confirmed that it would look at any firms who had failed to correctly implement TCF procedures. The FSA also said it would look at the scope for consumer detriment.
Andrea Kinnear, press officer at the FSA, said: “The new TCF page was published to provide a helpful, one-stop source for key announcements on TCF. Small firms have been given a lot of help in terms of identifying TCF responsibilities, so it is unlikely the page will be their first opportunity to engage with TCF.”
Rob Griffiths, associate director at the Association of Mortgage Intermediaries, said: “
What is important is that firms should document the processes taken, because the FSA will be looking for clear indications that the firm has been implementing TCF policies.”
