TCF fatigue
The regulator faces a similar dilemma to weather forecasters at the moment. The latter have a problem with their warnings being taken seriously…from the initial attention that these warnings got at the weekend, people seem to be less concerned and so may not heed well intentioned advice. Ironically, having a real ‘disaster’ is what usually focuses the attention of the public and so it is likely to be with TCF.
The FSA have been warning that the respective March and December deadlines need to be taken seriously and that they have so far found a rather lax attitude among a proportion of the industry and this is not just advisers. Based on past experience of the regulator where their initial warnings were akin to using ‘carpet slippers’, they quickly moved onto using ‘Doc Martens’ with a range of penalties, including fines, suspension and re-selling – all very expensive and damaging to brand and reputation! In order to heighten the attention of the industry, this year could well be when the ‘Doc Martens’ get used. Indeed, whilst targeting a high profile business in this way could have disastrous implications on that particular operation, it is likely that it would serve as a wake up call to others.
Businesses should ask themselves what would happen if the regulator paid them a surprise visit tomorrow morning, i.e. are you ready now, not could you be if you had a couple of weeks notice!
Written by Mark Thelwell - Visit Website