The key to Treating Customers Fairly TCF is demonstrating it is an integral part of your culture
Principle 1 : Customers must feel confident that they are dealing with an institution where TCF is at the core of their culture.
The most challenging part of the Treating Customers Fairly TCF regulatory approach is demonstrating that TCF is an integral part of your culture. The FSB requires us to collect relevant actionable Management Information (MI), and to record how this is used to increase our compliance.
The Twin Peaks and Treating Customers Fairly (TCF) are:
- Empowering to your brand and bottom line (when executed effectively)
- A stimulation for innovation and a customer centric approach
- An impetus for conscious proactive leadership
- An ongoing process – requiring consistent attention.
The six TCF Outcomes
- Consumers can be confident they are dealing with firms where the fair treatment of customers is central to the corporate culture. (Culture and Governance)
- Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly. (Product suitability)
- Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale. (Disclosure)
- Where consumers receive advice, the advice is suitable and takes account of their circumstances. (Suitable advice)
- 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. (Meet expectations)
- Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint. (Claims, complaints and changes)
PDF with (TCF) talking points: Elements for embedding a TCF culture
Article: Management Information MI and Treating Customers Fairly TCF
Contact us today to learn more about to evidence that you are actually recording, delivering and acting on the TCF consumer outcomes.