Almost half of advisers are unsure of how to comply with the Financial Services Authority's (FSA) Tr...
Almost half of advisers are unsure of how to comply with the Financial Services Authority's (FSA) Treating Customers Fairly (TCF) regulation, according to new research.
The findings of the TCF survey by 1st - The Exchange were the result of an online poll completed by 560 adviser firms in April.
Adviser firms were also asked if they would be able to meet the requirements in advance of the December deadline. Only 51% of firms said they were confident they could. A total of 41% believed it was only possible they could satisfy the six key objectives and the remainder said it was unlikely that they would be able to.
David Child, managing director of 1st - The Exchange, said it was concerning that many advisers did not understand what was needed to be able to show evidence of TCF across their businesses.
Philippa Gee, investments director at Torquil Clark, said however the process had been simple at the firm due to it having a "very streamlined business process".
