Study reveals just 67% TCF compliant

The study of 130 intermediary firms - nominated by lenders backing the study, including Abbey and GMAC -RFC – found that just 67% of respondents appeared to have met the TCF requirements.

The firm argued there appeared to be some misunderstanding as to what the actual requirements were to meet the TCF outcomes and what areas of the business were affected.

Commenting on the findings, Julie Alderson, director at MS2M said: “The findings clearly demonstrate a need by many firms to improve their compliance infrastructure in certain areas. To be falling short of 100% in certain key areas can prove to be disastrous.”