The firm believed that studying for such a qualification would help advisers obtain an understanding of what TCF means and help satisfy the Financial Services Authority (FSA) that they were putting necessary safeguards in place.
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Mark Roberts, head of financial regulation at the ifs School of Finance, said: “Organisations need to implement TCF strategies that will satisfy both regulatory and customer expectations and gaining respected qualifications such as the Certificate in Regulated Customer Care can help achieve this.”
The ifs School of Finance highlighted recent news that the FSA had fined a network of IFAs in Bristol £42,000 for failing to handle complaints in good time, monitor its staff and keep appropriate Training and Competence records.
It believed firms could avoid such action if they had a firm grasping of TCF workings.
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However, Ken Sives, partner at Sives Financial Services, insisted most small brokers would not have time to study for a supplementary qualification.
“Most brokers treat customers fairly as it is and most one and two-man bands know most of their clients personally and so they know exactly what their requirements are. I think it is in call centres where things sometimes go astray and that is where there needs to be a focus.”
