In her speech at the FSA Summer School, Sarah Wilson (Treating Customers Fairly & Insurance Sector Leader, FSA) discusses the FSA’s Treating Customers Fairly (TCF) initiative. In particular she notes that the TCF initiative is a good example of an area where the FSA has chosen a principles-based approach because the existing detailed rules were not working well. Mrs Wilson then discusses how the FSA has taken TCF forward in a principles based way and then addresses the FSA’s two priorities which are:
- To challenge firms both to embed long-term cultural and behavioural change (where necessary) and to develop and use management information that demonstrates that they are delivering against the TCF outcomes.
- To continue to protect consumers through targeted supervisory work in higher risk areas.
She also mentions that the responsibility for delivering TCF outcomes rests firmly with each firm’s senior management.
View Treating Customers Fairly - Principles-based regulation in practice, 7 August 2007