What is Treating Customers Fairly?
Treating Customers Fairly, also known as TCF, is the expectation set by the FCA for organisations to principally focus on the wellbeing of their customers. The aim of the TCF principle is to raise standards in the way firms do business that will benefit the customer and increase their confidence in the financial services industry.
What are the aims of Treating Customers Fairly?
The TCF aims to achieve six key outcomes for consumers. These are:
- Allowing consumers to be confident that they are dealing with companies where their corporate culture is based on the fair treatment of customers.
- Products and services to be sold are designed and targeted to meet the needs of particular consumer groups.
- Keeping consumers appropriately informed before, during and after the point of sale.
- Providing consumers with suitable advice that take account of their circumstances.
- Products and service that are provided to customers perform as they have been led to expect.
- Not creating unreasonable post sales barriers for consumers to change product, switch provider, submit a claim or make a complaint.