FSA faces legal battle over TCF ambiguities

Two groups are understood to be challenging the regulator's lack of clarity on treating customers fairly principles

The FSA is facing a legal battle with two groups understood to be challenging the regulator over ambiguities within treating customers fairly principles. Several asset managers have received FSA visits in recent weeks to assess their readiness for the December TCF deadline, with others expecting visits over summer and into autumn. These visits have prompted the FSA to write to several groups highlighting their shortcomings in relation to TCF. But a number have said these letters have caused frustration over the lack of clear guidance and insufficient opportunity to revise processes. ...