Service to help brokers meet TCF regulations

Brokers can monitor their compliance with the Financial Services Authority’s Treating Customers Fairly initiative with a new health check offer from compliance specialist MS2M.

The service is based on a questionnaire that uses a traffic light system to help brokers identify the systems and processes they need to review to ensure full compliance with the regime.

MS2M collates the questionnaire results, which are accessible to lenders and the FSA on an anonymous basis. This means that brokers’ names will not be attributed to their performance outcomes.

The questionnaire costs £695 and takes about an hour to complete. MS2M returns results with advice on how brokers can ensure they are compliant in areas where they fall short of the regulator’s standards.