The FSA report - 'Treating Customers Fairly: measuring outcomes' - has found that whilst some firms are building fair treatment of consumers into their culture – there needs to be renewed energy and drive from firms if they are to deliver on improved outcomes for consumers.
Sarah Wilson, director of treating customers fairly at the FSA has said that firms failing to take their obligations seriously will face 'more regulatory intervention'.
By March 2008, firms must have appropriate Management Information (MI) measures in place – and by December 2008, they must be able to demonstrate to themselves and the FSA that they are treating their customers fairly.
The FSA continues to direct a significant proportion of its resources to TCF. To help firms further, the FSA will today publish on its website, real examples of MI for each of the TCF Outcomes, along with examples of MI development.
Speaking at the Conference, Wilson said: "We have a reached a turning point on TCF. The deadlines provide firms with a unique opportunity to achieve real cultural change and a major shift in consumer outcomes - benefiting consumers, and the industry.
"For those firms that rise to the challenge, where senior management do drive change in the next fourteen months, there will be a regulatory dividend. Supervisors have little reason to ask further detailed questions if you produce, and use, well constructed measures of your performance and they show a strong story."
