threesixty to offer more TCF workshops to all intermediaries
IFA support services provider threesixty has announced that it will be hosting a number of TCF workshops, open to all intermediaries, in June and July 2007. These will offer assistance with creating a TCF policy statement and gap analysis, together with a review of the perception of a firm’s advisers and staff with regards to TCF.
This follows the FSA’s revelation that only 41% of intermediaries met the March deadline for implementing the Treating Customers Fairly initiative.
threesixty Partner David Brattesani commented: “The number of intermediary firms that have failed to meet the TCF deadline is concerning. It seems that the principle-based nature of TCF is making the regulation particularly difficult to address for many of them.
“A number of intermediaries have struggled with FSA guidance on this, either doing too much or too little, which is why we hosted a number of seminars for our clients in the run up to the deadline. As a result our clients successfully met the deadline. We are confident that intermediaries who need assistance will take advantage of our workshops.”
By March 2007, intermediary firms were expected to have taken the following steps to implement TCF within their business:
- Create a clearly defined set of objectives with regard to TCF
- Undertake a gap analysis to establish which elements of the firm’s systems and controls require attention in order to meet the TCF objectives
- Create a TCF plan
- Communicate both objectives and plan to advisers and staff
- Review feedback from advisers, staff and customers
- Amend the TCF plan, as necessary
Martin Simms of Matrix Model, a threesixty client that benefited from the pre-deadline workshops, said: “Having attended the threesixty training day on TCF I gained a clear understanding of what TCF means in the eyes of the regulator and how we can benefit from reviewing our various procedures. It is early days yet, however we are already starting to see more referrals from existing clients as a result of changes that we implemented as part of TCF.”
A place at one of the TCF workshops costs £100 plus VAT, per attendee and the next confirmed dates are the mornings of 19th June in Manchester and 18th July in London.
For further details on the workshops and other services, intermediaries should contact Susan Taylor or James Jarrold on 08707 360360.