Crucial Bits You Need To Know - FSA TCF Roadshow
Crucial Bits You Need To Know - FSA TCF Roadshow- Get it Right or Get a Visit!
EVERY small firm will receive a TCF assessment: Either a telephone call or an invite to a group location.
The FSA has increased resources for small firms: Where you do things wrong their enforcement teams also have increased resources.
Clear Message: Don’t confuse satisfaction with fairness. E.g. “we have never had a complaint so we must be treating our customers fairly”. No complaints mean your customer is satisfied, but is your treatment of them fair?
TCF Interview Assessment Length 1- 1.5 Hours with an FSA supervisor: They will establish your attitude, behaviour towards TCF and your attitude and approach towards customers.
Concerned with Outcome, Not how you get there: You must demonstrate what you do. The most important of the 6 outcomes is number 1, related to attitude and approach to customers. If you have a strong customer focus, outcomes 2 to 6 will flow anyway. You will need to explain your business process, how you do it and demonstrate you know what goes on in your firm on a day to day basis.
Do you know what the infamous 'Six Outcomes' are? If not, you must learn them right now.
Don't Get Targeted for Further Action: FSA will give Immediate Feedback following your assessment in three categories:
- No further action - there may be some points you are asked to consider but there will be no follow up assessment.
- Random verification visit - to verify the information given to the FSA during the assessment was accurate.
- Full supervision visit - where concerns are raised this will result in a full day supervision visit from the FSA to cover all aspects of your business including file reviews. Solution - get TCF right from the start!
Useful links:
Advisers United Links: Members ¦ 50% Commission ¦ Regulated Referral ¦ Expat Referral ¦ Tax Trust Wills Referral ¦ Home ¦ Contact Us ¦ Book Callback ¦ Compliance Help ¦ Adviser Shop ¦ News Lobbying
