The FSA outlined 6 key outcomes of Treating Customers Fairly (TCF) which organisations under their regulation should comply with to be deemed compliant.
A quick reminder of those TCF compliance points in case it's slipped your mind.
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 are 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.
But how do you comply? How do you prove that you are complying? But what's more... how do you gain greater benefit from meeting TCF compliance? Something that's more than just a tick box exercise?
The emphasis we place on delivering client surveys for IFA's and Financial Services companies is to simply understand your clients. In so doing you comply with FSA and TCF regulations and guidance. You also gain vital understanding of how your clients think about you and the way they do business with you which can lead to cost savings and efficiencies, new sales opoortuities and plenty of ideas to implement that improve the way you do business or give you some positive stories to talk about.
Treating customers fairly doesn't have to be about meeting regulation and turning into a lip service fact find exercise.
TCF can be a huge opportunity for those in financial services if done right. If done wrong, firms could feel TCF is a bind and an irritation and obviously in 2012 find they paying for that attitude in more than one manner.
We suggest you take a different view of TCF compliance.