However, businesses are expected to identify ways in which they can integrate these principles in all areas of the business to ensure that the desired outcomes are achieved. Incorporating TCF in your business ensures that you comply with regulation and in turn results in fewer complaints from clients. Clients who are treated fairly are more likely to remain loyal clients and in turn reward your business.
For regulatory discussion papers, notices and announcements about TCF, click here. Attend our webinar where we will provide you with a good understanding of the six TCF outcomes, the areas within your FSP that require TCF implementation, how to implement the outcomes, and the types of Management Information needed to demonstrate integration into your FSP.
Register for this webinar here or contact your nearest Masthead Regional Office for assistance. The main crux of implementing TCF is in the 6 outcomes that are fundamental to a universal approach and developing controls and measures that are compliant and fair. It is essential that firms and their staff understand that TCF is not just about making a customer happy! A customer can be satisfied with a product or service and still have been treated unfairly according to the standards.
The 6 Treating Customers Fairly outcomes are: —. This can sometimes lead to varying interpretations on how to implement TCF and how best to meet the needs and requirements of consumers. Using a TCF Audit Checklist or devising your own from the regulator guidelines and handbook requirements, is a great way to start assessing your processes and seeing how integrated TCF is in your workplace.
Once you have identified where the gaps are or any areas of non-compliance, you can then create an action plan with corrective actions and new controls. Assessing gaps in any area of compliance requires a thorough understanding of what is being assessed. For example, if a company does not fully understand what TCF means to them, they will be unlikely to develop an effective checklist. It is therefore essential to understand each outcome in detail. Whilst the outcomes themselves are clear on what objective an organisation should meet; expanding on their meaning and providing guidance on applying each outcome, is very beneficial.
We have given some useful and situational guidance below on how to implement each of the outcomes. Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture: —. Anybody assessing your organisation and more specifically your commitment to the TCF standards, should be able to look at any area of the business, from employee knowledge and actions, through to business processes; and see how you have thought about, shared, discussed, trained on, implemented, reviewed, assessed and recorded the Treating Customers Fairly principles, ethos and outcomes.
The key words for this outcome are transparency and evidence. The only way to instil confidence in anybody is to provide consistent and ongoing proof that you are doing exactly what you say you are doing, so simply advocating TCF or talking about what you do is not enough.
You need to be able to evidence what you do whenever requested and make TCF a fundamental part of your company. 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. Request a call back. Authorised and regulated by the Financial Conduct Authority.
PI Manager Testimonials News. In short, this means you need to understand what's going on. You need to be spoken to in a language you understand and not talked at using financial jargon. It means trying to get you the best outcome for your personal circumstances.
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