TCF Info News

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TCF Info News - Autumn 2007

In this edition:

MI Survey - results and prize draw winners
TCF MI – FSA issues further guidance
‘Focus on fines’ – new TCF Info website content
Key TCF indicators– updated content following FSA final report
More intermediaries to benefit from TCF Info support

MI Survey results and prize draw winners

Many thanks to all of you who took part in our ‘quick question’ MI Survey to find out how well you understand what you need to do to implement TCF MI (Management Information) by the March 2008 deadline. Our congratulations to Clare Chantrey, John Bowden, Clive Hodgetts, Ian Scaife and Natalie Stevens – the five lucky winners of the champagne draw.

Key findings from approximately 100 respondents showed that:

47 per cent said they knew what they needed to do to set up and use TCF MI
40 per cent were unsure
13 per cent said they didn’t know what they had to do

Of those who were confident about what they needed to do, a significant 95 per cent had read or reviewed the TCF Info MI pages containing tips, tools, checklists and case studies relating to TCF MI. This figure dropped to 46 per cent for those who said they were unsure or didn’t understand what they needed to do. In addition a large minority (36 per cent) said they would still like more help and guidance, such as practical examples of using and applying MI.

If you’ve not yet read our MI Tips and tools pages, we would encourage you to do so – in particular the MI Checklist and Complaints and TCF MI Case Study. In response to your feedback we plan to develop a number of shorter MI Case Studies covering a broader range of topics. We will update you as soon as this new content goes live.

TCF MI – FSA issues further guidance

Visit our new page TCF MI – key principles for a summary of the FSA’s recently introduced ‘five-step approach’ to developing TCF MI. As well as offering you an overview of the key points, it links you to newly published FSA examples of good and poor MI practice in smaller firms.

New content - ‘Focus on fines’

Our new section Focus on Fines summarises TCF failings that have led to enforcement action for firms selling mortgages and/or MPPI products. It also documents the amount firms were fined. You may find this of use for training on mortgage/MPPI sales practices to avoid, or to assess against current practice within your own firm and take corrective action where necessary. The section rounds off with a summary of typical corrective actions agreed with the FSA by the firms that were fined.

Content update – TCF progress monitoring

Following a pilot exercise in May, the FSA has introduced formal frameworks for its supervisors to use in order to assess the risk a firm’s culture presents to the delivery of TCF. The approach (which varies by a firm’s size) involves looking at ‘cultural drivers’ and ‘management behaviours’ within a firm which can lead to fair or unfair outcomes for consumers. Read our updated page TCF Indicators for the detail – you’ll find information (set out in two ‘at a glance tables’) of particular use to understand what FSA supervisors will be looking out for when assessing your firm’s progress in TCF.

More intermediaries to benefit from TCF Info support

At TCF Info we’re delighted to announce that a further 18 mortgage lenders have thrown their weight behind our initiative, bringing the overall number of lender supporters to 26, spread across 37 mortgage brands. The move, facilitated by the CML, not only provides us with valuable additional resource with which to develop the TCF Info website for your benefit, but will also help more intermediaries meet the FSA deadlines of March 2008 for having TCF MI in place and December 2008 for demonstrating that customers are being consistently treated fairly.

The extra backing also enables us to continue with our commitment to provide free of charge, independently commissioned TCF tips, tools and checklists which you can download and adapt for training and/or day to day business purposes. To find our more about the rationale behind TCF Info, read our new page Your TCF Info. To find out more about all of the lenders backing our initiative, read the page TCF Info supporters.

Best wishes from the TCF Info team
www.tcfinfo.co.uk