ifs launches online CMT scheme

The system, developed in partnership with Absolutely Training Ltd (ATL) will focus on ‘Treating Customers Fairly’ (TCF) principles, with dedicated modules on the issues of communicating with clients, feedback handling, and residential lending. The issues of general insurance (GI) and preparing for ARROW will also form part of the scheme.

Mark Roberts, head of faculty financial regulation and corporate and academic relationship manager at the ifs, expected take-up of the scheme to be substantial, with TCF central to the Financial Services Authority’s (FSA) principles-based regulation. He said: “TCF needs to be evident at all levels within firms, and be seen to be addressed in areas such as product design, complaints handling and Financial Promotions, to name but a few. The new CMT is designed to develop greater understanding of the TCF agenda so businesses can satisfy both regulatory and customer expectations.”

He confirmed take-up of the ‘communicating with clients’ module had so far proved popular with corporate customers.

Hugh Nichols, partner at Badbury Berkeley Mortgage Services, welcomed the scheme. He said: “I think it is a wonderful idea. However, the scheme needs to be driven by lenders. The people taking it up should be encouraged, but TCF has to be extended more to the practices of mortgage lenders and their operations.”

ifs School of Finance confirmed the CMT would be made available to business customers in November 2006.