The market appeared confident it had met the Financial Services Authority's (FSA) interim deadline f...
The market appeared confident it had met the Financial Services Authority's (FSA) interim deadline for Treating Customers Fairly (TCF) at the end of March.
The deadline stipulated firms must have appropriate information - in the form of management information or other measures - in place to test whether TCF guidelines are adhered to.
Steven Cameron, head of business regulation at Aegon, said: "We have been working towards the deadline for some time and are confident we can deliver."
He said it was inevitable the FSA would impose these short-term deadlines as it was not sure the market was taking TCF seriously.
According to the FSA website, the amount of work needed would vary from firm to firm but will require sustained energy and commitment from senior management and cultural change.
Alan Lakey, principal of Highclere Financial Services, sees the whole concept of TCF as subjective and predicted the regulatory body will severely penalise firms that do not comply properly.
He said: "Those firms which are just starting on this might be in trouble if they are called on soon."
Robin Gordon-Walker, spokesman at the FSA, said: "We will be publishing a report by the end of Q2 on the findings."
There will be another TCF deadline in December asking if the implementation of management information is being used to demonstrate if firms are compliant.
