moneysupermarket.com comments on the FSA's latest TCF announcement

Commenting on the FSA's latest Treating Customers Fairly (TCF) announcement and deadline, Nic Cicutti, editor, moneysupermarket.com, said:

"It is shocking to see only 41 per cent of small firms have made the changes needed to implement TCF across their businesses and that even seven per cent of large retail firms haven't done so.

We are talking about firms with many hundreds of thousands, perhaps millions of customers who are failing a key test set by the regulator.

"The concept of TCF and a move to principles-based regulation is a good one.

Firms are being encouraged to introduce large changes to benefit customers.

"However, it's very easy to pay lip service to a concept like TCF - and another really to operate on that basis.

My gut instinct is many firms, large or small, will find it difficult to apply these principles in practice.

"Finally, it is worth noting the deadline for full implementation.

There is something strange about the fact firms are being told they must all have processes in place to treat their customers fairly - but not until December 2008.".

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