Brokers back TCF ‘name and shame’
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.”