88 per cent had expected to reach the implementation stage in a substantial part of their business by the 31 March deadline.
This is in stark contrast to feedback from a similar survey carried out just over a year ago when over half of intermediaries told tcfinfo.co.uk they hadn’t heard of TCF or, if they had, were often struggling to understand what they needed to do.
As the FSA continues to assess firms it will expect to see them progress from ‘implementation’ to ‘embedding’ – in other words making TCF an integral part of everyday business. TCF Info can help brokers make this transition and to evidence how they are doing this to the FSA.
90 per cent of the relevant respondents expected to have fully implemented the TCF complaint handling, financial promotion and mortgage sales and advice principles. Additional areas making good but slightly slower progress included ‘TCF MI’ (Management Information) and ‘TCF performance incentives’ where 70 per cent expected to meet the deadline.
Ginny Darrow, chief executive officer of Rooftop, which is a founder member of the TCF Info Forum and website, encourages the industry to log on: “Rooftop is delighted to support such an important and successful initiative. For those brokers who have yet to visit www.tcfinfo.co.uk we would encourage them to do so, as it provides them with important TCF checklists, guides and case studies that you can download for free and use for own-branding and training purposes.”
