TCF Info NewsIn this edition:
FSA to test TCF as part of firms’ usual supervision from January 2009As the December 2008 deadline for embedding TCF fast approaches, the FSA has confirmed that from January 2009 delivery of TCF will be tested as part of firms’ usual supervision. The FSA expects TCF to be ‘business as usual’ from this time and has said it will use its full range of regulatory powers to take tough action where it finds failings. Relationship managed firms will be assessed through regular ARROW assessments. Small firms will be assessed via the FSA’s rolling three-year regional assessment programme which looks at the key drivers in the TCF Culture Framework of leadership, business decisions, controls, recruitment, training and competence and reward. You can read more detail by following the links below.
Brokers praise TCF Info in website surveyMany thanks to all of you who took part in our website survey during August and September. We’re pleased to say that the results confirm TCF Info as invaluable free resource for mortgage intermediaries who need help in implementing TCF. Key findings, based on approximately 300 respondents, were:
Although the site navigation generally works well, we feel there is room for improvement and are currently looking at how we can help you get to key topics from the home page more quickly. Look out for minor changes in the coming weeks. Survey WinnerCongratulations to Penny Mace who won a Nintendo Wii New - TCF Info content mapped against consumer outcomesAt TCF Info we listen to our users’ feedback and some of you told us that you’d like to be able to review each area of TCF Info content by ‘TCF Outcome’. We’ve therefore produced a links page that broadly maps TCF consumer outcomes against the most relevant TCF Info content. You may find this grouping of information useful for staff training or TCF awareness courses. Find out more by following the link below. TCF in 2009 and beyond – are you ready?The 31 December deadline for embedding TCF into your everyday business marks the start of an era in which putting customers’ needs first when delivering products and services must become ‘business as usual’. Far from being a time to wind down your TCF initiatives, it will be a time for regular review and challenging of working practices, with improvements being made where a risk to fair treatment of customers is identified. The FSA will expect to see evidence of such ongoing TCF monitoring during its assessments – in the form of MI and equivalent records. If you’re in any doubt about whether you’re ready for the 31 December deadline for TCF implementation, you can use our TCF Principles Self-Audit Checklist to carry out a gap analysis against current practice across all areas of your business. You can also use it throughout the year to record the outcomes of your TCF checks. This record keeping will not only alert you if your TCF plan is failing to stay on track, it will also provide important written evidence for the FSA that you are continuing to monitor and act on MI. TCF Info – continued support for intermediaries from 2009At TCF Info we’ll continue to keep you informed on TCF best practice and offer new tips and tools when relevant to help support a proactive TCF strategy. We’ll also update you on FSA findings as the programme of firms’ assessments is rolled out. TCF Info Supporting Intermediaries in treating customers fairly. |
|
|