TCF Info News
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TCF Info News - Issue 3
In this issue:
Lending into Retirement – new TCF Info Case Example
TCF Info is pleased to announce the addition of a Lending into Retirement Case Example in our Case Studies area. The FSA has already identified considerable TCF failings in lending into retirement and it is likely this area will come under close scrutiny in coming months. Our new content aims to put you one step ahead by drawing on points raised by the FSA to date to highlight good and not so good practice in the context of a fictitious firm. You may find this useful to compare with your firm’s current practice.
The FSA is due to publish further findings on lending into retirement in July. We will update our Case Example and offer links to relevant FSA pages as soon as these findings go live.
Getting to grips with Management Information (MI)
The FSA recently announced a new deadline of end of March 2008 for firms to have appropriate management information (MI) or other measures in place to test whether they are treating their customers fairly. Both TCF Info’s own internal research and that of the FSA indicate that many smaller firms need help with MI – largely because they aren’t sure which information they need to collect, or how they should interpret it for TCF.
If you’re struggling with TCF MI - or simply need a hand getting started - go to our
MI Tips and Tools section. Here you’ll find a user-friendly introduction to how MI can help you change and improve your business. The area is further broken down into MI – Getting Started, MI Checklist and an MI Case Study (the latter focusing on Using MI to monitor TCF Complaints and Cancellations Data).
In particular the
MI Checklist will help you identify which data you can use to measure and improve TCF performance in your business. You may well find that you’re collecting much of this data already for sales monitoring. In this case you are already part-way there – it’s just a case of taking the figures and using them to assess TCF. To find out more go to MI Tips and Tools section. To read about the deadlines, go to TCF Deadlines and Monitoring.
FSA statement on provider/distributor relationship – further announcements expected in July
We’re expecting a further FSA announcement in July on the responsibilities of providers and distributors for the fair treatment of customers. This follows the FSA’s request for feedback on an initial paper on this topic at the end of last year. We will update you via the Hot Topics pages once we know more – and will develop new ‘Tips and Tools’ content to complement any significant announcements.
News, Hot topics and Events – changes to pages
To help you find information more easily we’ve re-arranged our news and events and hot topics pages under a single News, Hot Topics and Events area. From here you can view previous TCF Info newsletters and press releases by selecting from a list. You can also quickly link to key groups of TCF pages on the FSA website or jump to the Hot Topics page.
FSA workshops focus on TCF and mortgage advice
In June and July the FSA is running a series of TCF workshops in Great Britain and Northern Ireland for small mortgage adviser firms. You can check the dates and venues and sign up online on the FSA website. To find out more follow the link under TCF training on our Links and Events page.
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