Tuesday, 3 December 2013

The Principles of Treating Customers Fairly Re: Personal Finance

Specifically Treating Customers Fairly (TCF) aims to:

Help customers fully understand the features, benefits, risks and costs of the financial products they buy minimise the sale of unsuitable products by encouraging best practice before, during and after a sale.

Desired consumer outcomes of TCF The FCA has outlined six core consumer outcomes that it wishes to see as a result of the TCF initiative. These are: 

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 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


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