The FSA has published a speech given by Sarah Wilson (Director, FSA) at the Finance and Leasing Association (FLA) conference on 12 February 2008. The speech was entitled Treating Customers Fairly - a continuing priority.
At the beginning of her speech Mrs Wilson refers to the twoTCF deadlines that the FSA has set and these are:
- By the end of March 2008 firms should have appropriate management information in place to test whether they are treating their customers fairly.
- By December 2008 firms should be able to demonstrate to themselves and to the FSA that they are consistently treating customers fairly.
Mrs Wilson states that the FSA’s current assessment is that the pace of firms’ progress must increase if the TCF deadlines are to be met. Mrs Wilson then discusses recent market turbulence and puts forward arguments as to why it is essential for firms to meet the TCF deadlines.
Mrs Wilson then looks at the six TCF consumer outcomes and discusses what each of these mean for FLA members. She then provides a further discussion of the six TCF consumer outcomes in relation to payment protection insurance.
In the penultimate part of her speech Mrs Wilson provides some brief comments on the TCF material that the FSA has produced to help firms. In particular, she reminds firms that the FSA has published a set of real examples covering each of the six TCF consumer outcomes, along with examples of management information development, oversight and action planning. She states that the FSA has now started to visit and discuss with firms the management information they are producing for the March 2008 deadline. The FSA is to report on progress in Q2 2008 and will provide more examples of good practice.
In the conclusion of her speech Mrs Wilson provides a warning to firms who do not meet the TCF deadlines. She states “… for those firms that miss the deadline and fail to take their obligations seriously, our message is absolutely clear - you will face more regulatory intervention.”
View FSA speech - Treating Customers Fairly - a continuing priority, 12 February 2008