PFS launches online TCF tools

The Personal Finance Society (PFS) is joining forces with compliance experts The Consulting Consortium to launch two new web-based tools to help advisers meet TCF requirements.

The Small Firms TCF Frameworker is a self-assessment tool, based on the FSA's six desirable outcomes for customers. It enables a firm to assess its risks and signpost areas needing further work. The software will help firms ensure their underlying evidence is robust in the key areas and TCF policies and procedures are in place with staff trained to deliver.

The second tool - The TCF Immersive Learning Simulation - challenges learners to develop their understanding of TCF, assess the implications in their daily work, and encourages them to make sound decisions within a safe virtual environment. Once completed, the simulation gives specific feedback on each performance area and reporting is immediately available for review.

Under the new deal, PFS members will get a 50% saving on the usual price of the Frameworker tool, whilst a one year subscription to TCF Immersive Learning is available for a reduced fee.

"TCF remains the FSA's number one priority following the 31 December deadline for firms to embed TCF principles into their businesses," says PFS chief executive Fay Goddard.

"We are making these tools available to our members, at a significant discount, to help them prepare for the FSA's TCF assessment. For some it may highlight areas in which they need to give additional focus.

"As long as the quality of the underlying evidence is strong enough we believe TCF Frameworker will leave members well placed to demonstrate compliance with TCF under FSA assessment. The learning solution offers a very new way of learning to support the embedding of TCF within their business."

PFS members can find out more by clicking here.