TCF is total waste

As an ex-broker myself, I can empathise, we have all done our best to keep the customers on board, year on year. I suspect that your curt and 'Mr Grumpy' question was fired off after seeing the bill for the office Christmas lunch!

Anyway, you need to know what is happening out there. The Financial Services Authority has said that it expects all firms to have their treating customers fairly procedures in place by March 2007, or they may take enforcement action.

Some of our clients have now been contacted for a desk-based monitoring of their TCF procedures, with the possibility of a follow up visit. So just in case you find yourself on the list, I would recommend that you get up to speed.

Within the constraints of this column, there is insufficient space to cover the areas that you need to review, so you need to speak to your compliance officer, or any external compliance consultancy that you may use.

Do not think that just making the appropriate noises that you have procedures in place will be sufficient. Our evidence is that the FSA are actually asking brokers to describe how they carry out certain procedures, and you may have to provide written proof of what you have in place.

So there you are then, another new year's resolution. Perhaps it starts with drafting your TCF Mission Statement. Always assuming that you don't have one already.