Which? magazine has urged the Financial Services Authority to come down hard on those companies failing to implement adequate Treating Customers Fairly provisions, following the release of the FSA's report into the progress made by financial companies in implementing processes for TCF.

Dominic Lindley, personal finance campaigner, Which?, said: “The fact that a sizeable number of companies have still not put processes in place to ensure that they are treating customers fairly is a real cause for concern.

“People will still be buying financial products over the coming months and these results show there is a real chance that they could unwittingly visit a company which isn't up to scratch.

“The FSA must take stronger action to ensure that the plans and processes companies employ translate into real improvements for their customers.”