Consumer groups in TCF dispute

17/12/2008

Experts in consumer issues have disagreed over the success of the Treating Customers Fairly (TCF) principles.

Appearing before a group of MPs, Nick Prettejohn, chairman of the Financial Services Practitioner Panel (FSPP), said that too much of the resources of the Financial Services Authority (FSA) were being dedicated to the measures.

However, the chief executive of Which?, another consumer body, said that the TCF initiative should be made still tougher, in order to help out customers, FT Adviser reports.

TCF is a set of guiding principles laid out by the FSA, that all financial firms must sign up to and follow.

Principles include the need for consumers to be confident "that they are dealing with firms where the fair treatment of customers is central to the corporate culture" - and that, when a customer receives advice, that the advice should be "suitable".

Mr Prettejohn was quoted by the news source as saying: "Our concern is that a disproportionate amount of resource within the FSA and within regulated firms was dedicated to TCF."

Mr Vicary-Smith said: "There is a long way to go on TCF, and the FSA have to keep on top of it… they need to go further."

Tags; Current UK Economy, Recent Graduate Debt, Credit Card Lifestyle, Young Family Finances, Retirement Money Problems,

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