5.3 Accuracy of Information
It is the responsibility of a financial services provider to ensure that product and service information regarding their own product or any other party’s product is correct and stays current. The financial services provider must not only It is the responsibility of a financial services provider to ensure that product and service information regarding their […]
5.2 The Term Product Information Defined
The references to product information under Outcome 3 does not only refer to material that contains technical product descriptions but includes any and all information (regardless of communication medium) that is provided or made available to a customer that the customer could reasonably be expected to consider in making a decision regarding a product or […]
5.1 Introduction TCF
Outcome 3 states that: Customers are provided with clear information and are kept appropriately informed before, during and after the point of sale Clear communication is a key component of financial services providers’ approach to TCF. In the sections following, the requirements in terms of outcome 3 are considered. The requirements have been concluded from […]
4.6 Review of Products
Financial services providers must have the following processes in place with regard to review of products in order to ensure that the requirements under TCF outcome 2 are met and to enable the financial services providers to apply corrective measures should it be found that the outcome is not adequately met: Processes to evaluate and […]
4.5 Product Marketing and Distribution
It was already stated that financial services providers must assess the suitability of marketing material and also ensure that any related or optional products or services are appropriately targeted to the needs of the customers groups they are intended for. However, financial services providers must still be very careful when choosing who to use to […]
4.4 Product Selection
It is imperative that financial service providers, staff, representatives and 3rd parties understand the products that they market and how the benefits of the product match the needs of a specific customer group. A financial service provider must perform due diligence on all the products they offer or intend to offer as well as on […]
4.3 Product Design
Product providers are responsible for the design and development of financial products and they must ensure that they have identified a particular customer group for which the product will be suitable for. Marketing and communication material must be developed to ensure that they are suitable for the product and the target market. In order to […]
4.2 The Definition of the Term Product as Applied to TCF
References to financial products should be broadly interpreted and will, wherever appropriate, include financial services. Where a financial product comprises other underlying products, the term product may, depending on the context, include the overall offering and / or its underlying components. Bundled products are products or services that form part of a combined offering, where […]
4.1 Introduction TCF
Outcome 2 states that: Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly Outcome 2 implies that products and services need to be designed with the intended market in mind. Equally, it is important that the product and services are […]
3.4 Corporate Culture
The last part of the outcome reads “where fair treatment of customers is central to corporate culture”. We already mentioned that fair treatment is treatment that is aligned to the different stipulations and requirements under the FAIS Act and Code of Conducts as well as the TCF initiative. But what does it mean to say […]