Speaking at a conference hosted by the FSA and the British Bankers Association (BBA), the FSA’s director of major retail groups, Oliver Page, gave feedback on the headway already being made to ensure delivery of fair treatment but also drove home the message that firms had a far way to go to deliver the TCF principle.
He said: “The FSA is encouraged by the early signs we see of TCF progress at firms but there is still a long way to go before we reach our goal, which is to persuade the senior managements of all firms to accept their responsibility for their firms’ delivery of these principles.”
“At this stage, we do not expect to find all firms having fully embedded TCF throughout their business but we would expect that they have started to analyse how they will ensure it is delivered and over what period. So far, we have mainly focused on larger firms but our focus is widening to encompass smaller firms and businesses and will widen further over time,” Page added.
John Ellis, director of public affairs at the Personal Finance Society (PFS), said: “There are still issues to be tackled concerning being open and transparent and we still have to convince customers regarding the reputation of IFAs. There will be no let up.”
