Research by law firm Reynolds Porter Chamberlain (RPC) has indicated that Treating Customers Fairly (TCF) regulation is too vague for most small firms to properly deal with. The firm claims that, as a result, the number of financial penalties imposed for TCF breaches has increased dramatically during the past year.
The research shows that TCF breaches account for 40% of all fines imposed by the Financial Services Authority (FSA), up from just 11% of fines in the previous year.
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