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ARTICLE · 19 NOVEMBER 2008

TCF – The Final Stages: Moving From Process To Outcomes

Smith & Williamson
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The FSA has adopted a more principles-based approach to regulation, spearheaded by its TCF initiative. But how will businesses adopt this approach ahead of the December deadline?

United KingdomFinance and Banking

The FSA has adopted a more principles-based approach to regulation, spearheaded by its TCF initiative. But how will businesses adopt this approach ahead of the December deadline?

The FSA believes that rather than implementing prescriptive rules and processes, a principles-based approach will give financial services firms greater flexibility to deliver fair treatment to their customers, in a way that best suits their individual business needs. There is little doubt that this model is already having a significant impact on all firms.

The FSA has identified four main stages in the implementation of the Treating Customers Fairly (TCF) initiative.

  1. Awareness
  2. Planning
  3. Implementing

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