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From December 2008 TCF became ‘business as usual’ – this means that all firms selling mortgages must be able to demonstrate to the FSA that they are consistently treating customers fairly.
TCF ‘business as usual’ – what it means for you
Your firm must:
To monitor TCF, the FSA is carrying out face-to-face and telephone mini-assessments with small firms and, in the case of larger firms, providing feedback following ARROW assessments. By way of general support it continues to offer TCF regional workshops, and additional guides and case studies on its website.
The FSA will continue to take enforcement action against firms where there has been actual or potential detriment to customers as a result their practices – and in particular where a firm fails to change its practices following warnings.
Follow the links to find out more.
Improved TCF guidance from the FSA, contact centre help, regular surgeries and more
FSA ‘at a glance’ chart showing key drivers and indicators of TCF implementation
Overview of TCF failings that have resulted in enforcement action within the mortgage industry