Following the Financial Services Committee's (FSA's) third annual TCF conference, the Consumer Panel has expressed both concern over the slow rate of progress TCF is currently experiencing.
More worryingly for brokers, it has also raised the issue of whether the payment of commission can ever be compatible with the fair treatment of all customers, regardless of the amount of money riding on it.
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 TCF 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."
