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A firm ‘must pay due regard to the interests of its customers and treat them fairly’.
The TCF (‘treating customers fairly’) principle aims to raise standards in the way firms carry on their business by introducing changes that will benefit consumers and increase their confidence in the financial services industry.
Specifically TCF aims to:
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• Help customers fully understand the features, benefits, risks and costs of the financial products they buy
• Minimise the sale of unsuitable products by encouraging best practice before, during and after a sale
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Desired consumer outcomes of TCF
The FSA has outlined six core consumer outcomes that it wishes to see as a result of the TCF initiative. These are:
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• Outcome 1 - Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the
corporate culture
• Outcome 2 - Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer
groups and are targeted accordingly
• Outcome 3 - Consumers are provided with clear information and kept appropriately informed before, during and after the point of sale
• Outcome 4 - Where consumers receive advice, the advice is suitable and takes account of their circumstances
• Outcome 5 - Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an
acceptable standard and as they have been led to expect
• Outcome 6 - Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a
claim or make a complaint. |
The FSA deadline has now passed and they are continuing their tour of the country with TCF visits and Roadshows.
Ingard can help you prepare for a visit. We will go through the questions that will be asked in an FSA visit and run through the responses to ensure you are on track.We will go through your existing TCF documents and procedures and then offer advice and guidance to ensure you meet FSA standards.
We will work with you to ensure you are fully prepared and confident that you can communicate your TCF successes at an assessment or Audit visit.
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E-mail: info@ingard.co.uk
