'Treating Customers Fairly' news

AMI publishes TCF guidance

21 February, 2008

The AMI documents are tailored towards the 31 March Management Information (MI) deadline and are the product of close involvement with the Financial Services Authority (FSA).

There are four documents comprising:

• A methodology of how to consider both a firm's existing and required MI, and then how to analyse and relate it to the FSA's six consumer outcomes
• A matrix of example data for firms to consider, which will allow firms to consider what is relevant to them
• Two 'pen portraits' which represent examples of two hypothetical firms' real life interpretation of the FSA MI requirements. These documents demonstrate how the methodology and matrix of data relates to a small firm

"This is particularly true for smaller firms who have found it the most challenging to introduce the required MI processes into their business. That is why we have developed simple, practical guidance that sets out clearly the thinking firms need to go through.

"Firms should realise that it is largely a question of interpreting information they already have in the context of TCF and not necessarily needing to go through a whole new process of data collection.

"We are very pleased that the FSA has engaged and supported our working party and they of course have been given the opportunity to review the material in draft, point out areas of strength and commented on any omissions.

"We will continue to work very closely with the FSA up to the March 31 deadline and beyond.

"Firms of all sizes must ensure that they do their upmost to meets these deadlines, and as an industry we must continue to support them."