By Kirstie Redford
The Financial Services Authority (FSA) has hit back at claims its Treating Customers Fairly (TCF) initiative is too vague and makes it difficult for firms to comply.
The move followed the publication of research by law firm, Reynolds Porter Chamberlain, which claimed the FSA's lack of guidance on TCF has led to a rise in related fines imposed by the regulator. The firm claimed that TCF breaches now feature in 40% of all fines, up from just 11% the previous year.
"By refusing to define or provide guidelines on how to implement TCF, the FSA is causing a headache for firms," said Robbie Constance, solicitor at the firm.
However, Andrea Kinnear, an FSA spokesperson, said: "It is up to senior management in each firm to engage with TCF and work out what it means for them specifically".
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