As part of the regular CPD Comsure updates the following FSA update may be worth looking at as we enter 2010.
On the 25/9/09 the FSA updated their TCF pages to include examples of good and poor practice which financial advisers/ Mortgage brokers / General insurance intermediarys may find helpful in supporting their CPD Ethics requirement
Examples of good and poor practice
Treating customers fairly should be at the heart of your business and considered in every business decision you make. It is at the core of our outcome-focused approach to regulation.
Focusing on the six consumer outcomes will help you ensure you are treating your customers fairly and meeting FSA requirements.
Applying this to your business
To bring more clarity to the outcomes the FSA have set these out as they apply to financial advisers, mortgage brokers and insurance intermediaries.
However most of these examples will sit across all three business types so if you are engaged in more than one type of business you will see some repetition.
The FSA have also included, where appropriate, some additional points for sole advisers to consider.
The examples
There are examples of what the FSA consider good practice and also some examples of poor practices that the FSA have seen during our assessments and in our follow-up supervision work which in some cases has led to action being taken against the firms concerned.
These examples are by no means an exhaustive list as the FSA know that all small firms operate in different ways – from their size to the complexity of product and type of business they undertake – but they should demonstrate how the consumer outcomes can apply to different firm types.
For more information go to:
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