The FSA has published a speech given by Sarah Wilson (Director for TCF, FSA) entitled Treating customers fairly - an assessment of industry’s performance against the consumer outcomes. In her speech Sarah Wilson discusses what the FSA has found when assessing firms against the six TCF outcomes and states that the pace of progress made by firms against these outcomes needs to increase. Should firms not increase the pace of their TCF work the FSA believes that many of them will miss the December 2008 deadline. Sarah Wilson also discusses the two benefits for developing management information (MI). These are:

  • Measuring performance is a necessary precursor to managing it.
  • Developing good MI is cultural and that staff behaviour reflects the issues that are monitored by (and appear to concern) senior management.

Finally in her conclusion Sarah Wilson states that firms need to tackle TCF with renewed energy otherwise there is a real possibility that some of them may miss the December 2008 deadline. In particular she states that not meeting the December 2008 deadline would have “significant regulatory consequences” and that the FSA will not accept after the deadline that firms simply need more time to make the cultural change. The FSA’s “intensity” of its supervisory and enforcement action will increase.

View Treating customers fairly - an assessment of industry's performance against the consumer outcomes, 6 November 2007