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Just 41 per cent of small firms and business start-ups managed to adhere to the Financial Services Authorities (FSA) legislation regarding Treating Customers Fairly (TCF), it has been announced today.
These figures were released by the FSA today and despite the lack of take-up by smaller companies, the firm was keen to highlight that help was on hand to aid business start-ups
in this area.
The report showed that 93 per cent of major retail firms, 87 per cent of medium retail firms and 74 per cent of wholesale firms achieved the TCF legislation.
Sarah Wilson, FSA director with responsibility for TCF, said that while she was encouraged by senior management take-up, more could be done to encourage smaller businesses.
She commented: "Following the report we will intensify our supervisory focus on any firm that has failed to sufficiently engage with TCF and include the use of enforcement where necessary.
"Most particularly, in addition to all that is already available to them, we will increase our efforts to assist small firms. Given their size and structure these firms can make rapid progress if they engage."
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