Katherine Webster has spoken on how FSA interprets the UTCCR. She explained the regulatory context, FSA’s TCF initiative (stressing TCF remains a high priority) and the tests to work out whether a term is unfair. She also discussed FSA’s practice under the UTCRR then dispelled some myths – in particular she stressed firms need not only pay attention to publications about their specific business areas. Finally she looked at the risks unfair terms pose to firms and what FSA expects of firms.