Accountancy practices that do not meet the requirements of the FSA's treating customers fairly (TCF) regime by the end of March could face enforcement action, Accountancy Age reports.
The deadline for complying is March 31 and the FSA's retail firms division director, Sarah Wilson, says that the regulator has given firms plenty of notice to start implementing the TCF principle.
"Given the enforcement criteria I have already mentioned, it will also in our view be right that we consider the case for a referral to enforcement in all such cases," she told a TCF seminar.
"It is important to stress that, if we proceed with a referral, it will be on the basis of alleged actual or potential consumer detriment - not failure to meet the deadline per se."
A fair deal for customers
The TCF is aimed at helping retail customers achieve a fair deal and the FSA has stressed that its implementation is an ongoing process for companies - "it is not something that firms can implement and then forget about".
A particular area that needs addressing is the quality of financial advice offered to customers. This needs to improve in order to reduce the risk of mis-selling the FSA stated.
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