The TCF Lender Forum was set up in 2005, has 16 lender members and is supported by the Council of Mortgage Lenders. The Forum recently agreed to offer associate membership to key intermediary organisations. TMA’s decision to join demonstrates its commitment to the FSA’s principle of TCF and its willingness to promote www.tcfinfo.co.uk to its members.
Members of TMA will benefit from this strategic alliance by receiving regular updates regarding TCF regulatory principles which will be posted on the TMA website and in its monthly Connect magazine. The TMA website will also contain a direct link to www.tcfinfo.co.uk which offers members a ‘snapshot summary’ of what TCF behaviours mean in practice or more about small firms’ assessments and how the FSA is working collaboratively with firms.
The objective of www.tcfinfo.co.uk is to help intermediaries implement the FSA principles of TCF. This is done by providing plain English summaries of the FSA requirements around TCF and principles-based regulation. It provides case examples’ that highlight practices helping intermediaries understand and implement the complementary ‘Tips and Tools’ checklists which can be downloaded for free. These can be used for training and/or as part of the business processes and to pinpoint gaps in current practices which may put customers at risk of being treated unfairly.
