Treating Customers Fairly

Reports from the Financial Conduct Authority (FCA) demonstrate that, whilst the majority of firms say they are implementing TCF training programmes, and that senior management are aware of their regulatory responsibilities, their commitment to the fair treatment of customers is not yet reaching the front lines of their organisation’s day-to-day business activities.

This is why training is so important.

Treating customers fairly (or TCF as it’s also known) is a regulatory framework that is designed to govern the way businesses conduct themselves. TCF principles ensure that clients are treated fairly and with due regard to their best interests. In other words, TCF exists to benefit customers and that’s why it’s so important that organisations offer effective Treating Customers Fairly training so that staff know how to meet its standards.

The Treating Customers Fairly initiative aims to deliver six improved outcomes for retail consumers; these are explained in more detail in our TCF training, but can be summarised as follows:

Consumers can be confident they are dealing with firms where treating customers fairly 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.