As from January, delivery of TCF will be tested as part of firms’ usual supervision.
Jon Pain, managing director of the FSA’s retail markets, said: “Today's announcement means the FSA can deliver the benefits from the TCF programme more quickly. Our focus will be on the outcomes for consumers. We will continue to challenge firms rigorously where there are issues and take decisive action where necessary.
“The standard against which firms will be judged remains high, and the penalties for not complying remain tough.”
The FSA has today also published a TCF update reminding firms what is required of them and explaining how firms will be assessed.
