Moore Stephens Insurance Industry Group has conducted a survey of UK insurers and intermediaries and has reported, somewhat alarmingly, that 40% of insurers have not incorporated Treating Customers Fairly (TCF) into their business strategy and only 50% of respondents are "extremely confident" that they will meet the FSA's December 2008 deadline for compliance. Please refer to earlier blogs for further information on TCF by clicking here and here.
The FSA's target for compliance in December is 80%. According to the Moore Stephens report, insurers are finding the most "challenging" aspect of compliance "understanding the outcomes" they need to achieve. Additionally, while 95% of all respondents reported that TCF information is the subject of discussions at board level, only 4% of insurers can state that all their TCF work has been documented.