Part of the CeMAP syllabus covers the FSA’s (Financial Services Authority) ‘Treating Customers Fairly’ initiative. This initiative was launched by the FSA to ensure that customers are being treated fairly in practice. It also reminds companies of their need to treat customers fairly. There are various ways in which this is done, which you will learn in your CeMAP training.
The FSA has now launched its latest assessment to discover whether customers really are being treated fairly in practice. All companies have until the December deadline to demonstrate both compliance and consistency.
The FSA has said that according to the information it gathered by the March interim deadline, around 8 per cent of firms are capable of meeting the targets. That may sound quite high, but it means there are still 20 per cent who are not.
By March, companies had to have management information (MI) in place, however, only 13 per cent met that deadline. The FSA believes many companies have worked hard since and invested a lot of time and energy to make improvements.
The Treating Customers Fairly Director at the FSA, Sarah Wilson, said that they expect:
“all firms to maintain their momentum and undertake a significant amount of further work” to hit the December deadline. “Having appropriate MI or other measures in place puts firms in a position where they can measure the quality of the outcomes they are delivering for consumers.”
When you get your CeMAP and if you choose to work as a mortgage advisor, the company you work for will no doubt have its management information system in place.