The
Financial Services Authority (FSA) has issued its latest assessment as to whether customers are being treated fairly in practice.
All firms have a December deadline to demonstrate consistency, and information gathered by the FSA from the March interim deadline found that 80 per cent of firms are capable of meeting the targets.
The March date required firms to have management information (MI) in place, but only 13 per cent of respondents met the deadline
However, the FSA believes many firms have invested significant time and energy since to make improvements.
Sarah Wilson, the FSA's treating customers fairly director, said it expects "all firms to maintain their momentum and undertake a significant amount of further work" to hit the December deadline.
"Having appropriate MI or other measures in place puts firms in a position where they can measure the quality of the outcomes they are delivering for consumers," she added.
Earlier this month, the FSA fined Woolworths £350,000 for failing to disclose inside information to the market for a period of 29 days.
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