The FSA has published on its website a review, conducted over the last few months and involving smaller firms, which concludes that firms are not doing enough to ensure that their Appointed Representatives (ARs) are treating customers fairly in the sale of general insurance, mortgage and investment products. Key concerns that the FSA found include:

  • Firms’ written procedures not being followed in practice.
  • Too much reliance placed on the remote checking of client files as the sole method of monitoring ARs.
  • Poor progress with the treating customers fairly (TCF) initiative and ineffective communication to ARs.
  • Not having appropriate management information measures in place to test whether ARs are delivering the TCF consumer outcomes.

View Firms must do more to ensure their Appointed Representatives treat customers fairly, 3 December 2007