Secondary

TCF Update

The Treating Customers Fairly Roadmap provides some guidance to the planned roll out of this initiative, with enforcement indicated as starting in January 2014.

The fact that it has its own unique little button on the home page seems to indicate the importance that the Regulator attaches to TCF. However, when you click on this button, the Roadmap, published in March 2011, is the last document posted here. The 2012 annual report states that Stakeholder awareness of the FSB’s progress and expectations regarding TCF was driven via presentations to numerous FSB and industry-hosted conferences and workshops throughout the year. I appear to have missed all of them. With the FSB intending to use its website as a formal communications tool, we trust that more up to date information regarding TCF will also be published here.

The fact of the matter is that product providers will face a far bigger additional administrative burden than will financial advisors. It seems therefore that the activities referred to above was aimed at them. This does not mean that the men and women at the coal face should not be kept in the loop.

Page 37 of the Roadmap contains a schematic breakdown of important dates and events. The notes indicate that implementation dates are dependent on the legislative process. It further states that “Development of the TCF supervisory framework, as part of the FSB’s broader market conduct mandate, will be appropriately aligned to the development of the “Twin peaks” regulatory model proposed in the NT Policy Document.

Please click here to download the schematic implementation guideline.

Comments are closed.