The TCF Lender Forum comprises of a group of 28 lenders supported by the Council of Mortgage Lenders (CML) that have been working together to provide online information to mortgage intermediaries on the FSA's principle of 'Treating Customers Fairly' (TCF). The activity is centred on the provision of a website and all activity is funded by the participating mortgage lenders via the CML.
The Forum is looking to develop relationships with networks, packagers and mortgage clubs to promote this free resource for intermediaries and to provide an intermediary perspective when it is considering new content for the site and TMA is delighted to participate and will be actively promoting it to its directly authorised (DA) members.
The FSA considers TCF to be a key principle of its regulatory regime, and has announced two TCF deadlines for 2008. By 31 March, the regulator expects all firms to have appropriate management information or other measures in place to test whether they are treating their customers fairly. By the end of December, all firms are expected to have completed their work on TCF and must be able to demonstrate they are consistently treating their customers fairly.
Phil Whitehouse, head of TMA, commented: "TMA is very pleased to be approached by the Forum to assist in the communication of the TCF initiative to the DA market. With the FSA deadlines fast approaching, it is vital that intermediaries are doing all they can to prepare for the TCF requirements. TMA has almost 7,000 brokers registered and so we are in a good position to advise our supporters of TCF requirements.”
Frank Eve, chairman of the TCF Lender Forum, added: “The TCF Lender Forum is now working with networks, packagers and mortgage clubs to promote this free resource to mortgage intermediaries and welcomes TMA’s involvement in this initiative.”
