'Treating Customers Fairly': Another Catch-22 Idea from the Regulators
Lucian CampCCHM:PING
Heaven knows the world of advertising and marketing has become increasingly heavily regulated in recent years, but no other sector has seen an initiative quite like the 'Treating Customers Fairly' (TCF) initiative launched in financial services last year by the Financial Services Authority.
TCF is an example of the FSA's big new idea: so-called 'principles-based' regulation. It means introducing regulation based around abstract and high-level concepts, refusing as a matter of policy to offer any clear guidance or explanation, and then punishing the industry if it doesn't agree...