What will happen if a firm does not take TCF seriously? Will the FSA take enforcement action over TCF?
We expect senior management to take responsibility for ensuring their firms treat their customers fairly. This includes identifying risks, having appropriate systems and controls in place to mitigate these risks, and making sure these are effective. If we notice a breach that requires enforcement action, we will consider taking action against individuals within the firm if we think senior management have failed in their responsibilities. We have already taken enforcement action on breaches of Principle 6 and we will continue to do so.
Related Questions
- In addition to taking enforcement action on BART property, can BART police officers take enforcement action off of BART property (i.e., within city limits, county jurisdictions, or on state highways)?
- Did the inspector alert the firm’s appropriate management when an immediate corrective action was necessary?
- What will happen if a firm does not take TCF seriously? Will the FSA take enforcement action over TCF?
