Banks hit by TCF demand from regulator

03/10/2008

Banks have further to go before properly adopting Treating Customers Fairly (TCF) guidelines, the regulator said today.

The Financial Services Authority (FSA) said that the scheme's precepts were still not widely understood by financial firms.

This is despite the December deadline for banks to be able to demonstrate that they are following TCF, which asks for financial firms to give "clear information" on their products to customers, among other things.

Sarah Wilson, the FSA's director for the scheme, said that the firms have a "long way to go", FTAdvisor reports.

She added: "Our aim has been to deliver a step change in the industry, so that consumers would be more likely to receive consistently fair treatment.

"The work required as a result, by individual firms has varied enormously - in scale and complexity."

PPI - a kind of loans insurance which some groups says is unfair and has been mis-sold by banks - was identified as a particular worry.

Ms Wilson made her comments during a speech to the British Bankers' Association's TCF conference.

Tags; Debt Management and Banking, Young Family Finances, Recent Graduate Debt,

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