The FSA have already reminded the industry that TCF must be implemented in spite of the difficult financial conditions faced by Brokers. As the FSA caravan trundles around the UK the key watch word has to be engagement. The initial letter that each firm receives prior to the FSAs arrival states that in no uncertain terms firms are expected to engage in the process. The first stage of the process is the Roadshow. All firms in a particular area are invited to the roadshow. Every firm is expected to attend. Of course going to the roadshow doesn't necessarily keep you off the FSA radar but it certainly doesn't put you on it, waving a flag and shouting "look at me, look at me" as non attendance might.
I will cover more of the roadshow content in a later post but if anyone who has attended one of these events has a view I would like to hear from you.
The ostrich mentality is not a successful defence in this latest round of Regulator scrutiny. If you engage with the FSA you are likely to find that they are helpful and willing to listen to your practical experiences of embedding TCF. If you do not engage they could morph into a terminator style pursuer with a relentlessness the like of which has never before been seen in the industry.
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