Speaking at the Moneyfacts conference in London, Moneyfacts chief executive officer, Paul Pester, claimed that the enforcement of TCF was a ‘really sad indictment that the regulator needs to enforce’.
Pester went on to claim that the fact that the FSA was implementing ruling on TCF was a ‘disgrace’, and pointed at the feeling that by enforcing customer service regulations, the assumption is that treatment was given poorly.
Other speakers were also critical of TCF, Philip Machin, market analyst consultant with CACI, said: “The ruling that the FSA is trying to establish is very vague, and as regulation is principles-based, it is very difficult to establish exactly what they mean. For those firms who don’t have a very good record, there is more to be done, and more is for the benefit of the borrower.”
Pester added: “With this regulation, any key initiatives that any companies receive will go to the head office and have to be dealt with. What firms should be doing is putting the complaints forward to marketing teams who can adapt the criticism into future promotions.”
Louise Cuming, head of mortgages at moneysupermarket.com, said: “Advice has to be taken on trust and should be based on recognition, as most bonus systems are based on volume rather than quality. It’s hard to judge. I join the voice that TCF as an ideal is to be applauded, but in practise it means lots of record-keeping.”
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