Report calls for renewed energy to deliver better results on Treating Customers Fairly
The pace of progress must increase if firms are to meet next year's deadlines, according to the latest report from the Financial Services Authority (FSA).
Launched today at the FSA's third Treating Customers Fairly (TCF) Conference, the report, 'Treating Customers Fairly: measuring outcomes', finds that whilst some firms are building fair treatment of consumers into their culture – there needs to be renewed energy and drive from firms if they are to deliver on improved outcomes for consumers.
By March 2008, firms must have appropriate Management Information (MI) measures in place – and by December 2008, they must be able to demonstrate to themselves and the FSA that they are treating their customers fairly.
Speaking at the Conference, Sarah Wilson, director, Treating Customers Fairly, said: "We have a reached a turning point on TCF. The deadlines provide firms with a unique opportunity to achieve real cultural change and a major shift in consumer outcomes - benefiting consumers, and the industry.
"For those firms that rise to the challenge, where senior management do drive change in the next fourteen months, there will be a regulatory dividend. Supervisors have little reason to ask further detailed questions if you produce, and use, well constructed measures of your performance and they show a strong story.
"For those firms that miss the deadline and fail to take their obligations seriously, our message is absolutely clear – you will face more regulatory intervention."