Treating Customers Fairly
Treating Customers Fairly (TCF) is one of the
11 principles set by the Financial Services Authority (FSA) to
ensure fair treatment of customers, by improving standards across
the financial industry.
At Platform our customers have always been a
top priority. We have already made good progress and we continue to
look for opportunities to further embed TCF within the
organisation.
We are committed to fully embedding TCF into all of our processes and ensuring that the fair treatment of
customers is at the heart of everything we do.
So what does TCF mean for you as an intermediary?
The FSA expects firms to be able to demonstrate to themselves and to the FSA that
they are consistently treating their customers fairly.
TCF is not just about customer satisfaction, it should cover
every aspect of your business. There are a number of things to
consider including the following:
- Providing training for your staff so they
understand what TCF means for your firm and what they can do to
support it.
- Providing information for customers, that
is clear and easy to understand not only in relation to
documentation but also to verbal communication.
- Ensuring your customer receives the
correct advice and gets the right product, looking at all their
circumstances and needs.
- Managing customer expectations, for example
making sure they understand reversionary rates and the impact of
rate movements.
- Getting things right first time, putting
things right that might go wrong and understanding why it went
wrong to prevent it happening again.