Pinning down the FSA's expectations

pensions

Under the FSA's Treating Customers Fairly initiative intermediaries will not only have to avoid breaching this principle but also go beyond the strict rules to deliver fair treatment, if they want to avoid severe penalties

After a shaky start the Financial Services Authority's (FSA's) flagship Treating Customers Fairly (TCF) initiative has now been widely embraced by the financial services industry. The indications from both the FSA and the industry itself are that firms are taking their TCF obligations seriously and adapting their business culture to reflect the new standards. Nonetheless, the TCF initiative is principles-based and does not set out detailed rules for firms to follow. This can make it harder for firms to pin down exactly what the FSA expects. We consider this difficulty below, including some ...