8.1 Introduction TCF
Outcome 6 states that: Customers do not face unreasonable post-sale barriers imposed by financial service providers to change product, switch provider, submit a claim or make a complaint Post-sale barriers to fair treatment can be cultural, contractual or competitive. The customer ought to be able to change products or switch providers without incurring excessive penalty. […]
7.4 Evaluating Expectations
Financial services providers are required to have management information mechanisms in place not only on customer satisfaction but also on customer expectations and how the financial services provider meet these expectations. This requires that the financial services provider must have full and unrestricted access to information held by the third parties. The mechanisms may include […]
7.3 Standard of Service
The second part of the outcome stipulates that the associated service should both be of an acceptable standard and what customers have been led to expect. Clear service standards must be in place for customer services, and the standards should be tested regularly to determine if they’re in line with customer expectations. The financial services […]
7.2 Product Performance
The products provided to customers should perform as financial services providers, third parties and representatives have led them to expect. Customers should be alerted to the risks of particular actions and non-action on their part, including early termination of a product, non-payment of contributions and failure to review insurance needs. Processes must be in place […]
7.1 Introduction TCF
Outcome 5 states that: Customers are provided with products that perform as providers have led them to expect, and the associated service is both of an acceptable standard and as they have been led to expect TCF involves being clear about what product or service is being provided and the range of possible results and […]
6.3 The Elements of Advice
In order for representatives to give suitable advice they must maintain adequate product knowledge, do a suitable needs analysis, maintain a record of advice and manage conflict of interests. A. Product knowledge Adequate knowledge is key to providing suitable advice to customers that suit their needs and risk profile. Managements must ensure that representatives are […]
6.2 Responsibilities of Financial Services Providers
A key component of suitable advice is having the relevant skills and processes in place to provide such advice for the target market and product concerned. Therefore, a financial services provider must before deciding to market a product, assess whether or not it has the appropriate skills and processes in place to provide advice that […]
6.1 Introduction TCF
Outcome 4 states that: Where customers receive advice, the advice is suitable and takes account of their circumstances Delivering suitable advice is a key component of TCF as well as the General Code of Conduct. Where customers have obtained a recommendation, the advice must reflect their needs, priorities and circumstances. In the sections following, the […]
5.5 Disclosures
Disclosures assist customers to make informed decisions and are thus a key component of outcome 3. The code of conduct stipulates specific disclosures that need to be made to customers and also when these disclosures should be made. Financial services providers should ensure that representatives fully disclose the required information at the appropriate time. Where […]
5.4 On-Going Communication
Financial services providers must communicate with customers on an on-going basis post-sale to ensure that customers are kept aware of product performance, their opportunities to act at certain points in the product lifecycle and changes in the terms and conditions. Financial services providers must adhere to the following stipulations in order to meet the requirements […]