Treating Customers Fairly (TCF) is now key to compliance in the financial services sector
TCF relates to organisations in the financial services sectors (banking, insurance, investments, etc) and is underpinned by these 6 consumer outcomes that ensure fair treatment of customers. These elements are the core foundation of what is expected from financial services organisations. (regulatory body www.fsb.co.za) Up to date and relevant Management Information (MI) is an integral part of managing this process.
- Consumers can be confident they are dealing with firms where the fair treatment of customers is central to the corporate culture.
- Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
- Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
- Where consumers receive advice, the advice is suitable and takes account of their circumstances.
- 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.
- Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
PDF with (TCF) talking points: Elements for embedding a TCF culture
The heart of TFC:
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 of these (TCF) regulations are the recoding and demonstrating that it is part of your culture. Contact us today to learn more about our evidence based approach to help you demonstrate you are actually delivering the TCF consumer outcomes.
Treating customers fairly (TCF) is:
- A legal requirement
- Can empower your brand if done well
- Is an opportunity for innovation
- Requires specific proactive leadership
- Is an ongoing process – not a once off.
With the implementation of the new twin peaks legislation treating customers fairly (TCF) is coming … are you ready?
For help embedding TCF into your culture contact us today!