Assessment: Evidencing Treating Customers Fairly 19_20

Which ONE of the following statement best describes the TCF initiative?

Outcome 2 that deals with product design is the responsibility of which of the following regulated entities or persons?

Please state if the following statement is true or false.

The compliance and risk management functions need to form part of the financial services providers’ overall Treating Customers Fairly strategy.

With whom does the duty of disclosure lie?

Openheimer Financial Services want to improve on their overall delivery of the sixTCF outcomes. Which ONE of the following ways will best achieve this within the FSP?

The responsibility of ensuring that the treating customers fairly principles is embedded into all structures of the organisation lies with which function?

A client complaints that a representative approach him to recommend an endowment policy although at his workplace although all of them are contract workers and receive irregular income.
Which ONE of the following principles was not met in terms of the six TCF outcomes?

Which of the following measures will ensure that products marketed are targeted to the needs of identified customer groups?

i. Marketing of a product may be done to all client groups as long as the information is in plain language.
ii. The FSP must ensure that any optional products are appropriate for the identified customer group.
iii. Senior management must confirm that the product adequately meets the TCF outcomes before marketing takes place.
iv. Representatives must be given the opportunity to evaluate al new products for fairness taking into consideration the customers’ needs.

Which of the following must be in place to ensure that a financial services provider (FSP) adheres to outcome 3?

i. The FSP must monitor complaints received from customers to identify the need for improvement in product information.
ii. Senior management should only approve product information produced by the financial services provider.
iii. The FSP must ensure that information is made available to customers at an appropriate time to enable the customer to make an informed decision.
iv. Customers should be provided with key information on their products on a regular, ongoing basis after contracting through appropriate channels.

Which of the following regarding the product supplier must be disclosed to a client?

The key individual of Thato Brokers became aware that due to inappropriate advise from the representative, a client has entered into a policy unsuitable to the client.
What should the FSP do in this regard to best meet the delivery of Outcome 4?

What is the first step in providing suitable advise?

Please state if the following statement is true or false.

In order to ensure that Outcome 5 is met, a financial services provider must have management information mechanisms in place to measure customer satisfaction only.

An FSP must acknowledge receipts of complaints within-

Which of the following procedures must be in place to ensure that a financial service provider will meet outcome 6?

i. Customers must be informed of changes they can make to their products if their needs or circumstances change only on request.
ii. Customers should be informed of the services standards that are in place for processing any changes to a product.
iii. Customers should be informed of an potential risks associated with the switch between financial services providers.
iv. After contracting, customers have to be informed of the circumstances under which claims requests will not be processed.

As part of the TCF initiative, financial services providers are expected show that they are using management information to-

Which of the following steps in using management information is the most critical for the Financial Sector Conduct Authority in terms of the TCF initiative?

Outcome 2 relates to which of the following product life cycles?

The directors of TopFin would like to measure the company’s performance in terms of ongoing service to clients.
Which of the following information can be used to assist the directors in this assessment?

It is advisable for financial services providers to benchmark their complaints handling against the competitors. The areas that can be benchmarked may include which of the following?

i. Complaint volumes.
ii. Resolutions rates.
iii. Referrals to Ombud schemes.
iv. Root causes.