This figure was a turnaround from last year’s findings, when over half of brokers did not know what TCF was.
Find the latest industry jobs
According to the report, 88 per cent of firms had expected to reach the implementation stage by the 31 March deadline. However, a number of firms admitted that the areas of management information and TCF performance incentives had caused problems, with 70 per cent of firms expected to meet the deadline.
According to the Rooftop tcfinfo.co.uk website, 90 per cent of firms expected to have fully implemented complaints handling procedures into their business, along with Financial Promotion and mortgage sales and advice principles.
Ginny Darrow, chief executive at Rooftop, said: “Rooftop is delighted to support such an important initiative.”
register for 'adviser finder' here
She added that the tcfinfo.co.uk website could help intermediaries with checklists and case studies to help implement TCF strategies.
However, a broker, who wished to remain anonymous, said: “While brokers are completing TCF procedures, lenders have not made any efforts to improve their
strategies.”
The FSA had already announced that it would review firms’ TCF strategies to ensure changes had been made following the deadline.
