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'Treating Customers Fairly' news
AMI requests greater clarity over TCF
26 January 2008
The Association of Mortgage Intermediaries (AMI) is to approach the Financial Services Authority (FSA) to establish greater clarity about what is expected of advisers under Treating Customers Fairly (TCF).
The body said it was in the process of designing models of four typical advisers and what they are supposed to do under the FSA’s initiative, thereby setting benchmarks for intermediaries to work towards.
Richard Farr, director at AMI, explained: “We are looking at producing four types of advisers and they will be based around what we expect the FSA will want to see. We will present them to the FSA and say if you have any problems with them, can you justify those issues. We’re looking to create benchmarks for firms to help in the troublesome way of defining what they should be doing under TCF.”
Andy Bailey, vice president of marketing for Attunity, agreed that there was still plenty of confusion surrounding TCF.
Bailey said: “The FSA says that there should be an actual change within firms but the regulator is not telling us what to do and people need more guidance. Everyone agrees with the principle of TCF and the FSA says it will make life easier. But if people can see it in small steps then it will help them get there.”
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