The move is designed to ensure that advisers have a full understanding of TCF principles and help ensure they meet FSA expectations in this area.
The suggestion comes as the FSA imposed a substantial fine on a firm of financial advisers for failing to treat their customers fairly - a network of Independent Financial Advisers in Bristol were today fined £42,000 for complaints handling failings over an 18 month period.
The firm failed to treat its customers fairly because it was not handling complaints in good time. In addition, it did not monitor its staff sufficiently or keep appropriate training and competence records.
Margaret Cole, Director of Enforcement at the FSA, said:
"All firms should take regulation and their regulatory responsibilities seriously. We have been very clear that firms are accountable for ensuring this is done and that appropriate systems are both implemented and maintained.”
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 rigorous and respected qualifications such as the Certificate in Regulated Customer Care (CeRCC) can help achieve this.”
