Presented by Presented by Frank EveFrank Eve14/5/0814/5/08

ww

w.t

cfin

fo.c

o.u

kAgendaAgenda

• Introduction• Principle Based Regulation• TCF Lender Forum - background• www.tcfinfo.co.uk• Current position• Conclusion

ww

w.t

cfin

fo.c

o.u

kPrinciple based RegulationPrinciple based Regulation

The FSA Principles“The Principles are a general statement of the fundamental obligations of firms under the regulatory system”

ww

w.t

cfin

fo.c

o.u

k

Principle based RegulationPrinciple based Regulation

• Lenders and distribution have differing but interlocking responsibilities

• Paper issued FSA Provider/Distributor Discussion Paper DP06/4

• Intermediary TCF practices key element for FSA

ww

w.t

cfin

fo.c

o.u

k• Founded in Nov 2005• Founding members:

• Freedom Lending• Future Mortgages• GE Money Home Lending• Money Partners• Platform• Preferred Mortgages• Rooftop Mortgages• Southern Pacific Mortgages

• October 2007 CML facilitates membership from across the industry

The TCF Lender ForumThe TCF Lender Forum

ww

w.t

cfin

fo.c

o.u

k

Supported by CML & 28 mortgage Supported by CML & 28 mortgage lenderslenders• Abbey• Accord• Advantage• Alliance & Leicester• Barclays • Beacon Homeloans• Bradford & Bingley/• Mortgage Express• C&G• chl mortgages• db mortgages• edeus• Future• GE Money Home

Lending• GMAC-RFC

• Kensington• Money Partners• Mortgages plc• Nationwide Building Society• Northern Rock• Paragon• Platform• Rooftop• Southern Pacific Mortgages/• Preferred• Principality Building Society• Standard Life Bank® • RBS • Wave• West Bromwich BS

ww

w.t

cfin

fo.c

o.u

kTCFInfoTCFInfo

• Takes what the FSA has produced and turns it into ‘plain english’ with practical tools to implement

• Always provide deep links into FSA site on relevant information

ww

w.t

cfin

fo.c

o.u

k

ww

w.t

cfin

fo.c

o.u

k

Intermediary commentsIntermediary comments

• “Just what the industry needs, great”• “Very useful and will be implemented

in our TCF policies”• “I would like to take this opportunity

of thanking you for the excellent production of tcfinfo website. It contains an absolute wealth of information”

• “Excellent site, very clear with lots of useful and practical assistance”

ww

w.t

cfin

fo.c

o.u

k

Latest MI Research – Key Latest MI Research – Key Findings March 08Findings March 08

• 75% confident of what to do to use MI to monitor TCF Progress

• Of these almost all had read or reviewed the TCF Info MI pages

• 94% said site was useful• 52% said the site was very useful• 25% said site was useful• 17% said site useful and need to

review again

ww

w.t

cfin

fo.c

o.u

k

Benefits for intermediariesBenefits for intermediaries

• The only FREE, non-commercial resource

• One stop shop for information and links on TCF matters

• Easy to use with practical tools

• Research shows that those using the site are more able to fulfil TCF obligations

• Register for FREE regular e-newsletter

ww

w.t

cfin

fo.c

o.u

k

ww

w.t

cfin

fo.c

o.u

k

The current position -The current position -FSA deadlinesFSA deadlines

• Firms must now have evidence that systems are in place to test if customers are being treated fairly

• December 2008 must be able show that they are consistently treating customers fairly

• FSA already taken enforcement action against some firms

ww

w.t

cfin

fo.c

o.u

k

The current position –The current position – FSA’s position FSA’s position

• FSA still concerned with rate of progress "For those firms that miss the deadline and fail to take their obligations seriously, our message is absolutely clear – you will face more regulatory intervention."

• FSA plan to assess 11,300 small intermediary firms over the next three years

ww

w.t

cfin

fo.c

o.u

k

ConclusionConclusion

• TCF high on FSA priority therefore industry should be concerned

• www.tcfinfo.co.uk the only free resource

• The site works – research & feed back shows intermediaries value the site

• Go on to the site – register for updates and see how it can help you

• It’s in the interest of the whole industry