Many small brokerages and sole traders fail to realise how Treating Customers Fairly applies to them, despite efforts by the Financial Standards Authority to highlight the issue.In a speech at the ‘Treating Customers Fairly: progress and future plans’ conference on October 4, Clive Briault, managing director of retail markets at the FSA, told delegates: “Treating customers fairly does apply to all regulated firms.” Linda Will, managing director of Accord Mortgages, says feedback from focus groups shows many brokers mistakenly believe TFC is just a lender issue and are unable to articulate how it applies to them. She adds: “Brokers must understand how to demonstrate they are treating customers fairly.” Will says because TFC is a principle-based approach, it is open to interpretation. But Briault says this approach gives firms the opportunity to determine how to meet TCF obligations. Sole trader Roy New says attending training sessions and seminars has helped him understand how to prove he is treating his customers fairly, although this has meant more work for him. New says: “Hopefully most intermediaries already treat their customers fairly. “It’s just a case of making sure you cover your back by proving you’re compliant.” Ray Boulger, senior technical manager at John Charcol, believes this will be a challenge for small brokerages and sole traders with limited resources. But he adds it’s not just smaller firms that don’t fully understand the FSA’s intentions for TCF. Boulger says: “Some firms haven’t recognised that TFC starts with the chief executive, not the compliance department.”
- Top trends
GMAC Commercial Mortgage Europe and Credit Suisse First Boston have completed a 592m offering of commercial mortgage-backed, floating and variable rate notes issued by Cornerstone Titan. Proceeds from the sale of the notes were used to acquire a portfolio of nine commercial real estate loans secured by 70 properties located across the UK. This is […]
Mortgage 2000 Finance Group is looking to appoint a head of operations to run mortgage processing facilities offered by a number of its distribution channels, and a key account manager to manage the relationship with the groups’ top 100 intermediaries.
The Yorkshire is the first company in the UK to pay for a guide dog puppy through its first year of life from the donation of mobile phones. Over 1,500 old phones have been begged from the Societys staff and customers to achieve this fantastic result.The campaign to buy a guide dog from old mobile […]
BDS has announced a service for mortgage brokers through a partnership with overseas mortgage specialist Mortgages 4 You.Through the BDS contact line, brokers can access specialists in the provision of mortgage solutions for clients wishing to purchase overseas property. Mortgages 4 You has established relationships with numerous lenders in Spain, France, Portugal, Florida and Cyprus […]
The National Association of Pension Funds (NAPF) recently published its 40th annual survey of workplace pensions. The survey looks at both defined benefit and defined contribution schemes.
News and expert analysis straight to your inboxSign up