9.5 Monitoring Management Information
A financial services provider should have processes in place as to monitor the management information to enable the right people to take action. The primary audience of management information is not the Financial Sector Conduct Authority, but they do expect evidence that management information is used by the right people in the right way. Using […]
9.4 Setting Standards
Sometimes management information alone cannot be evaluated unless it is set against a standard. For certain performance areas, for example policy cancellation, it is advisable for financial services providers to set a standard to which the level of performance must adhere to. The results must show how the financial services provider is performing against the […]
9.3 Developing Management Information
The first step with regard to management information for TCF should be to develop the appropriate management information that would assess the delivery of the TCF outcomes. Existing management information can be used but should be viewed through a TCF lens. It should be remembered that good TCF management information measures performance and identifies potential […]
9.2 What are Management Information Expected to Demonstrate in Terms of TCF?
As part of the TCF initiative, financial services providers are expected show that they are using management information to- Demonstrate integration of TCF into the business culture. The progress made in terms of implementing the TCF outcomes. Act to improve procedures and customer service where required Monitor the outcome of remedial action, which in turn […]
9.1 What is Management Information?
Management information is information that is collected during a period of business activity. It may be about customers, staff, calls, visits, meetings, sales, opinions, parts of a process, predictions etc. A combination of quantitative and qualitative management information mechanisms are needed. Quantitative management information gathers numbers regarding financial services, for example sales volumes. Whereas, qualitative […]
8.6 Redress Policy
Redress allows a financial services provider to put things right, remedy grievances and to offer compensation where appropriate. Redress should be proportional to the degree and nature of the failure and hardship or injustice suffered. Financial services providers must have a redress policy ensuring that customers receive appropriate redress if subject to unfair service, irrespective […]
8.5 Complaints Handling
It is very important the complaints handling process of a financial services provider meets the stipulations of the General Code of Conduct and that of the TCF initiative. A. Basic principles of complaint systems and procedures A financial services provider must maintain an internal complaint resolution system based on a comprehensive complaints policy outlining the […]
8.4 Claims and Disbursement Handling
Prior to contracting, customers have to be informed of the circumstances under which claims requests will not be processed, and the customer’s obligations in this regard must be explained. Furthermore, customers should be informed of how to submit a claim or disbursement request, of the service standards, as well as the information needed to process […]
8.3 Switching Providers
Financial services providers must have clear service standards in place for processing switches to other financial services providers. The customer should be informed of these standards and customers should be informed of any potential risks associated with the switch.
8.2 Changing Product
Customers must be informed of the changes they may make to products if their needs or circumstances change and of any important limitations on the ability to access funds or make changes. This information must be conveyed to the customer in good time and not only on request. Management must ensure that when a representative […]