You may have heard the term ‘Treating Customers Fairly’ (TCF) bandied about the financial sector, and may be asking: “What exactly is TCF?” and “How does it impact me?” Here we answer those questions.
What is TCF?
TCF is an outcomes-based regulatory framework introduced by the Financial Sector Conduct Authority (FSCA). It is designed to ensure that clearly defined fairness outcomes are delivered to customers by regulated financial firms.
Financial Service Providers are supervised by the FSCA and are expected to show that they are able to adhere to the 5 TCF Outcomes to their customers:
- Customers must feel confident that they are dealing with an institution where TCF is at the core of their culture.
- Customers are given clear information before, during and after point of sale.
- Where advice is given, it must be suitable and take the circumstances of the customer into account.
- Service must be of an acceptable standard and products perform as customers have been led to expect.
- Customers must not face unreasonable barriers when they want to change a product, switch providers, submit a claim or make a complaint.
The main aim of TCF is to:
- Raise the standards of financial products and services, and
- Increase your confidence and trust in the financial services industry.
What this means for you
In order to ensure you are treated professionally, ethically and according to best practice, it is vitally important to deal with regulated financial firms – like Real People Assurance -who are TCF compliant. At Real People Assurance you can expect high quality service, with simple and transparent communication.