What happens to TCF after the December 2008 deadline?
The obligation that firms treat their customers fairly is central to our Retail Strategy – it has gained enormous buy-in from firms and their senior management, and is a hugely important part of our retail agenda for consumer protection. To accelerate the benefits of the TCF initiative, we have decided to integrate TCF into our core supervisory work more quickly than currently planned – by February rather than September 2009. This means TCF will be embedded within our Advanced Risk Responsive Operating frameWork (ARROW). Firms must still meet with the December 2008 deadline and compliance will be tested in ARROW visits from 2009. Where we find failings (and particularly so if after the December deadline), we will use our full range of regulatory powers to take action. We will continue to monitor the progress of small firms via the enhanced strategy. See the small firms’ webpages for more information.
