"MI will be final TCF hurdle", concludes Financial Services Discussion Club

Management Information is seen as the final hurdle for firms planning to meet the FSA’s TCF requirements, according to a recent financial services discussion forum.

[ClickPress, Sat Feb 03 2007] "MI will be final TCF hurdle", concludes Financial Services Discussion Club

Management Information is seen as the final hurdle for firms planning to meet the FSA’s TCF requirements, according to a recent financial services discussion forum.

Representatives from the UK's top financial firms saw useful, relevant and detailed MI as the key to evidencing progress with TCF, and the industry's biggest challenge in this area.

The forum was attended by members of the Clearconcepts Financial Services Discussion Club and was chaired by Ernst & Young. The club meets every month in Manchester, Leeds and London. Members include senior managers from the finance sector.

Paul Jennings, from Ernst & Young said, "The next stage of TCF development is undoubtedly in the area of improved Management Information. Sharing TCF MI between providers and distributors and improving the quality and relevance of information available to senior managers are the biggest outstanding TCF challenges."

Attendees also concluded that sharing MI between product providers and distributors and greater cooperation between firms, would be an essential development if TCF were to be successful.

90% of firms in attendance had not been asked for TCF policy details by partner firms. This was indicative of ongoing problems in sharing management information with third parties in the sector. Defining relationships between partner firms was seen therefore, as crucial to improving TCF practices across the industry.

Internally, firms reported that board members were often flooded with data from across the business, but struggled to extract meaning from the information. The most valuable source of MI for TCF was extracted from complaints data.


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NOTES FOR EDITORS

· TCF: Managing the Provider / Distributor Relationship, was held on 8 January in London and on 15 January in Manchester.

· The next discussion club meetings will be held in London on 5th February and Leeds on 12 February. Members will examine the impact of NEWCOB and MIFID on customer relationships.

· For more information or to register for the discussion club, contact:
Laura Wilkinson: laura.wilkinson@clearconcepts.co.uk
Richard Walbach: richard.walbach@clearconcepts.co.uk
020 7405 0065

· Clearconcepts is an independent marketing communications house, specialising in market research, events planning and public relations.

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