Despite criticism from industry players, the countdown to the implementation deadline is just five months away, and mortgage intermediaries need to ensure they can show improvement compared to the previous failings highlighted in the regulator’s last review.
Embedding the TCF culture into businesses is crucial if firms are to satisfy the FSA’s demands for the fair treatment of customers and avoid having action taken against them for failings in this area.
The financial services regulator has recently published two documents relating to TCF, ‘Tackling the Concepts of TCF Culture’ and ‘TCF Management Information’, while the Association of Mortgage Intermediaries (AMI) has produced a number of factsheets summarising these documents as well as highlighting some of the FSA’s examples of good and bad practice. It also plans to create a TCF working party to drive home the importance of the initiative.
Richard Farr, director at AMI, said that, with such a quiet time ahead in the market, it was the perfect opportunity to focus on TCF. “We are encouraging our members to make a pledge on TCF, and if you haven’t, then don’t bury your head in the sand. I was at a conference and the consensus was that the market will be slower until Q2 2008 and we don’t know to what extent it will be slowing. However between now and Q1 with it easing off, my advice is ‘what a wonderful opportunity to get TCF in place’.”
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