The Consumer Panel has today welcomed the FSA's publication of an update on progress that firms have made in delivering the six Treating Customers Fairly (TCF) Outcomes. However, the Panel has expressed its concern about the slow progress in the principles working through to customers who should be being treated fairly.

John Howard, Chairman of the Financial Services Consumer Panel said:

"There has been a worryingly slow rate of progress shown by companies in getting to grips with treating customers fairly and making a difference for customers. This is particularly true as the FSA starts to remove its detailed rules in anticipation of firms giving a better deal to consumers through the application of principles based regulation. We question whether the payment of commission can ever be compatible with Treating Customers Fairly.

"We are pleased that the FSA is highlighting its concern about progress. The FSA needs to take enforcement action at the end of its already extended deadline if firms cannot make progress of their own accord."

MEDIA ENQUIRIES

Notes to editors