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TCF Governance Management Responsibility

Within an FSP, who carries ultimate responsibility for embedding a Treating Customers Fairly culture?

RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.

  1. a) The board of directors and senior management.Correct
  2. b) The individual representatives at the point of sale only.
  3. c) The external compliance officer.
  4. d) The FSCA as the regulator.

Why this is the answer

TCF is a top-down regime: Outcome 1 places ultimate responsibility for a fair-treatment culture on the board and senior management. Representatives, compliance officers and the regulator each play a part, but they do not carry that ultimate responsibility.

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