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FSA in the spotlight: More focus on this industry

In the last column we mentioned Treating Customers Fairly (TCF) and the requirements for regulated businesses to be ready for the March 31, 2007, deadline.

The FSA has since announced a phone survey. Its intention is to select 900 small firms at random to assess what progress they are making in preparation for the TCF deadline.

Follow up visits may also be scheduled. A number of motor dealerships have already been contacted; questions asked include:

  • Where have you got to in implementing the TCF initiative?
  • What procedures have you put in place?
  • What types of insurance do you transact?
  • Do you have a complaints procedure in place?

    The clock is ticking for the March deadline. If you haven’t already, visit the motor page on the FSA website (www.fsa.gov.uk). The regulator has posted some guidance on TCF.

    Last week the FSA announced details of a new phase of thematic reviews on Personal Payment Insurance designed to improve the sales standards for this product. FSA is building upon the work undertook in 2005 and 2006 and will be completed by June 2007. The focus will be on firms who sell PPI as a minor activity relative to their business.

    There are four main elements to the thematic work:

  • Visits to firms
  • Enforcement action where appropriate
  • Information aimed at consumers
  • A review of the current FSA rules on PPI There have been a number of enforcement actions over the last few weeks on PPI, including a dealership group.

    Again, if you haven’t already, read the FSA’s articles on these to ensure that the shortfalls identified are not present in your dealership.

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