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Brokers back TCF ‘name and shame’
The majority of brokers believe the Financial Services Authority (FSA) should be more transparent about which firms fail to comply with ‘Treating Customers Fairly’ (TCF), according to research by Pink Home Loans.
The web-based survey revealed two-thirds of intermediaries questioned wanted non-compliant firms to be named and shamed by the regulator, while 22.7 per cent believed that this was not a good idea. One in six were unsure.
Kay Leslie, network services director for Pink Home Loans, commented: “I can’t understand why any firm would not want to treat their customers fairly.
"After all, this is what their reputation will be built upon and a good reputation will lead to increased business volumes. Any firm that is non-compliant should be made an example of and hopefully others will learn from their mistakes.”
Robin Gordon-Walker, spokesman for the FSA, said: “The FSA is not in a position to simply name and shame firms. We have to follow due process and, if we take enforcement action, then a company will be named in that case.”
