By March 31, the Financial Services Authority expects all firms to have reached at least the implementation stage of their TCF planning.
However, many brokers say lenders have not helped them to meet the required standards despite an FSA paper indicating that pro-viders and distributors should work together to achieve TCF.
Kevin Paterson, director of Park Row Associates, says: “I am not aware of a lender even talking about the subject with us, let alone offering help.
“And I have seen scant evidence of any lender building a meaningful TCF programme for customers.”
Mike Fitzgerald, sales director at Brentchase Financial Services, agrees lenders could be doing more.
He says: “I don’t think lenders have stretched themselves in helping the public or brokers understand TCF. Perhaps more will be done in the coming months.”
But Alan Cleary, managing director of edeus, claims lenders are doing all they are allowed to do. He says: “Lenders are not permitted to overstep their regulatory responsibilities. The responsibility for TCF lies with individual firms if they are directly authorised or with firms’ principals if they are app-ointed representatives.”
A spokesman for the Council of Mortgages Lenders says lenders have helped intermediaries with roadshows and website initiatives but there are limits.
He says: “The FSA has tried to clarify the responsibilities of pro-viders and distributors and we have responded. But when it comes to meeting broader TCF requirements, responsibility has to lie with authorised firms.”