"With the FSA no news is good news. You can bet that if you hear from them you are seriously in trouble. The next thing you know you’ll be in enforcement."

Although we take action against firms which breach our rules, we do not do this without giving them a chance to explain themselves and where necessary put things right.

We could contact you for all sorts of reasons – not always because we think your firm has done something wrong. Sometimes its because there is something we don’t understand in the information you give us, or maybe we need to make sure you have understood what our requirements are.  We often find that a phone call can clarify the situation very quickly.

We could also visit or call you as part of surveys we carry out regularly on various issues to establish how well things are working across your sector of the industry. We look for the good things you do as well as any weaknesses. We use the good things to show other firms what good practice looks like.

When we visit we do not make snap judgments or act as judge, jury and executioner. Instead we set out what we want you to do. But it’s vital you work with us and take our help to make the necessary improvements. If you don’t take the necessary steps, this is when we consider taking enforcement action.

For more information about our approach to TCF see
Treating Customers Fairly

For more about enforcement see our one minute guide
Enforcement

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