A bitter pill to swallow
The industry needs to be compliant with new Financial Services Authority rules on Treating Customers Fairly by 2007, which should prove to be of benefit to the industry and the general public alike, however, as Martin Friel reports, some brokers are still unsure about exactly what to do
The Financial Services Authority's (FSA) latest dose of regulation arrived last year in the form of Treating Customers Fairly (TCF), with firms expected to be at the implementation stage of compliance by March 2007. However, unlike previous prescriptive regulation, TCF is at the vanguard of the FSA's drive to implement a more principles-based approach to compliance.
The requirement for firms to treat their customers fairly is firmly rooted in the FSA's Principles for Businesses. Principle 6
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