Due to regulatory reform, a series of regional TCF workshops have been cancelled by the Financial Services Authority.
A series of regional TCF workshops on treating customers fairly have been cancelled by the FSA due to regulatory reform. The FSA will now concentrate its resources on the new regulatory restructure and the RDR.
The FSA has been carrying out its regional small firms TCF assessment programme since March 2008. The assessments were carried out through a combination of mini-visits, face-to-face meetings at regional venues and telephone assessments.
The regulator had planned six regional events to follow up on previous assessments, but chose to cancel them last week.
A spokesperson for the FSA said it decided to abandon the workshops because of the imminent divide of the FSA into successor bodies the FCA and PRA, which had led “to a reprioritisation of resources” in order to meet the timelines for regulatory reform.
Out of the 88 firms that had been invited to attend 18 had confirmed their attendance. The FSA notified advisors of the cancelled workshops earlier this week.
One of those due to attend a workshop was the managing director of Paladin Financial Services, Tim Purdon who was left disappointed by the FSA’s decision to cancel the workshops: “I am disappointed because this was an opportunity for us to get practical guidance from the FSA on what is a day-to-day issue. “What grounds does the FSA have for criticising IFAs for not meeting the required standards when they do not even come and talk to those IFAs about those standards?”
The move will not affect the FSA’s wider small firms TCF programme. Despite axing the workshops, the spokesperson added the FSA’s small firm regional TCF programme will continue.