Commercial imperative

Even the most cynical observer of UK retail financial services might raise an eyebrow at the latest findings on the FSA's treating customers fairly (TCF) initiative. In commentary to its reference framework for supervisors when assessing a firm's culture and the risks for TCF [1], the FSA notes, “we have seen more examples of poor progress than of good.” The regulator proceeds to enumerate a catalogue of damaging behaviours, which point up severally and collectively the inherent tension in the whole project.