The FSA has published an update for firms on the Treating Customers Fairly (TCF) deadlines. The update summarises the FSA’s March and December 2008 TCF deadlines and then sets out what firms can expect from the FSA.
The update states that overall the FSA still sees too much focus by firms on customer satisfaction, rather than fair treatment. Firms are also focussing too much on process, rather than on the TCF outcomes.
The update states that all major retail groups, medium sized firms, and wholesale firms where TCF is materially relevant, will be assessed against the December deadline. All major retail groups (with few exceptions) and a sample of all other firms will be assessed against the March deadline.
The FSA will be publishing a document in Q2 2008 summarising how firms have measured up against the March deadline. In mid 2009 the FSA will publish its assessment of firms’ progress to the December deadline.
View Meeting the 2008 deadlines - an update for firms, 27 February 2008