TCF Conference - Results of audience polls
At the TCF Conference held on 7th November 2006, delegates were invited to participate in a series of polls. The audience of 400 which comprised compliance officers and those responsible for TCF in their firms voted by interactive keypads.
The results of those polls are as follows:
Results of audience polls
1. Are there benefits for your firm from pursuing TCF?
Yes – 87%
No – 2%
Maybe – 11%
2. How far has your firm progressed with TCF?
Aware – 8%
Strategy & Planning – 26%
Implementing – 44%
Embedding – 22%
3. Which of the outcomes represents the biggest challenge for your firm?
Outcome 1 – corporate culture – 29%
Outcome 2 – product design – 10%
Outcome 3 – Clear information – 6%
Outcome 4 – Advice – 11%
Outcome 5 – Consumer expectations – 37%
Outcome 6 – Barriers to switching – 7%
4. What do you think will represent the biggest barrier to embedding TCF in your firm?
Senior management buy-in – 33%
Cost – 11%
Quality of staff – 23%
Regulation – 10%
Other – 23%
5. Will TCF mean? – choose up to 2
Higher customer retention – 49%
Higher profits – 11%
More costs – 10%
Happier staff – 6%
Fewer complaints – 43%
Stronger brand – 27%
Less adverse publicity – 13%
6. Are you confident that you will have reached the implementation phase by March 2007?
Very confident – 52%
Fairly confident – 35%
Doubtful – 10%
Unlikely to meet the deadline – 3%
7. Does TCF represent more or less of a challenge to small firms?
More – 20%
Less – 44%
About the same – 36%
8. A general insurer is commissioned to manufacture a product by a high street supermarket for the high street supermarket to sell. Who is responsible for ensuring that the consumer is provided with clear information at the point of sale?
Insurer – 9%
Supermarket – 24%
Both – 67%
The correct answer is supermarket
9. In the same scenario who is responsible for ensuring that TCF is built into the product design process?
Insurer – 45%
Supermarket – 9%
Both – 46%
The correct answer is supermarket
10. An investment bank sells a set of bonds to a retail bank that packages the bonds up with derivatives it already owns and sells the new structured retail product (SRP) on to retail customers. Who is responsible for ensuring that the consumer is provided with clear information at the point of sale?
Investment Bank – 9%
Retail Bank – 78%
Both – 13%
The correct answer is Retail Bank
11. How do you find more principles-based regulation?
Liberating – 15%
Workable – 38%
The same as regulation based on detailed rules – 9%
Unclear- 38%
