What if I don’t?
Apart from complaints by consumers and bad press, the Information Commissioners Office (ICO) can fine you between £5,000 and £500,000.
If you are a licensed business, you could lose your licence, have conditions imposed on you and your business in addition to having your business name published by the regulators together with the details of any fines or restrictions. If that’s not bad enough, many contracts will require you to inform your clients of any fines or imposed conditions on your licence and failure to do so could put you in breach of contract and liable to substantial damages. In short, failing to TPS screen is something every regulated business should take very seriously.
If your business operates as an Appointed Representative (AR) or Introducer Appointed Representative (IAR) in industries like insurance, then it is not uncommon for these arrangements to be pulled if your business receives TPS related complaints in order for the insurance company to protect its relationship with its regulators.