In September 2006, the FSA published Discussion Paper 06/4, The responsibilities of providers and distributors for the fair treatment of customers (DP06/4). In DP06/4 the FSA set out its views on the respective regulatory responsibilities of providers and distributors to treat customers fairly. DP06/4 also contained an overarching statement of responsibilities for providers and distributors (Statement of Responsibilities) and five case studies detailing sector specific scenarios.
The FSA has now published Policy Statement 07/11, Responsibilities of providers and distributors for the fair treatment of customers - Feedback on DP06/4 (PS07/11). In PS07/11 the FSA gives feedback on the responses to DP06/4. At Appendix 1 of PS07/11 the FSA has published a revised Statement of Responsibilities in the form of a Regulatory Guide (the Guide). The Guide does not provide a detailed explanation of what action firms need to take to meet their responsibilities. It sets out the responsibilities at a high level and leaves it to firms to decide how they should meet them. The FSA believes that the Guide will be a useful tool for firms in ensuring they meet their obligation to treat customers fairly. It also serves as a tool for the FSA in their discussions with firms.
View PS07/11: Responsibilities of providers and distributors for the fair treatment of customers - Feedback on DP06/4, 16 July 2007