Treating Customers Fairly
Treating Customers Fairly (TCF) is an outcomes-based regulatory and supervisory framework that aims to make sure consumers or clients in the financial services industry are treated fairly, that they understand fully what the service/product tendered is, and that the appropriate products and services are offered to them, and that they are satisfied with the purchase.
TCF principles need to be applied throughout the product/service life cycle, from inception to promotion, complaints handling and everything in between.
Putting clients at the core
There are six TCF outcomes that need to be taken into consideration, and following these will ensure that your client is at the core of your business practices:
- Customers can be confident they are dealing with firms where TCF is central to the corporate culture
- Products & services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly
- Customers are provided with clear information and kept appropriately informed before, during and after point of sale
- Where advice is given, it is suitable and takes account of customer circumstances
- Products perform as firms have led customers to expect, and service is of an acceptable standard and as they have been led to expect
- Customers do not face unreasonable post-sale barriers imposed by firms to change product, switch providers, submit a claim or make a complaint.
The service provider is responsible for ensuring that his/her staff understand and ahdere to TCF principles.
* Information for this article was gathered from the Financial Services Board (now Financial Services Conduct Authority) website.
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