Time and again the FSA either refuses to comment or merely talks around the subject without ever giving an actual answer to the question asked.
It merely brings out the tired excuse that TCF is a principle not a rule.
Well, what good is that to intermediaries when it doesn’t clarify the principle?
Time and again in FSA reviews, the regulator pulls brokers up for poor record-keeping, yet it doesn’t actually tell us what it expects of us or what we are supposed to do to improve the matter.
I’m sure I am not alone in wondering whether I will meet what the FSA demands, when I’m not sure what it is the regulator is actually demanding.
The FSA needs to grow a backbone and make some definite statements that are of some true use to brokers.
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