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SMEs miss FSA targets

Published On 8 May 2007 at 14:41:35

Less than half of the small businesses working in industries regulated by the Financial Services Authority (FSA) managed to achieve targets for treating customers fairly (TCF).

According to the latest FSA update, just 41 per cent of small businesses working in this area - which includes companies that provide mortgages and financial advice - met deadlines to prove they were acting to ensure they treated customers fairly.

"We are encouraged that senior management in very many firms are showing strong commitment to TCF and are rising to the challenge of a more principles-based approach to regulation," explained Sarah Wilson, the FSA director with responsibility for TCF.

"In addition to all that is already available to them, we will increase our efforts to assist small firms. Given their size and structure these firms can make rapid progress if they engage."

Chris Cummings, Director General of the Association of Independent Financial Advisers commented: "It may be disappointing, but I think it is not surprising, that the report demonstrated that in the main it was small advisory firms, which are not members of networks, who were found to be behind with meeting the deadline."

The FSA revealed that it would be expanding the range of TCF tools available online and hosting a series of regional workshops.

 

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