TCF's parameters still remain unclear

Treating customers fairly has always been a difficult concept to grasp but in the adviser world, the...

Treating customers fairly has always been a difficult concept to grasp but in the adviser world, there are at least tangible customers to treat, fairly or otherwise. For fund groups with intermediated business models, the customer relationship is one step removed and its fairness is therefore that much harder to quantify. Groups are typically designing generic products, albeit based on specific risk/reward profiles, and can have little control over who buys them. To address this situation, the regulator put out specific fund manager TCF requirements earlier this year. These involve ...