1.6 What TCF is Not
TCF is not just a means of creating satisfied customers, as a satisfied customer could still be subject to unfair treatment but not know it. TCF also does not imply that financial services providers must offer identical levels of services as providers have different resources and ways of doing things. Furthermore, competitive markets can help […]
1.5 The New Approach
Regulators have grappled with how best to ensure that financial services providers treat customers fairly. Conduct was previously only managed by setting explicit rules. The Financial Sector Conduct Authority did this via the issuance of different codes of conducts applicable to the different categories of financial services providers. Nevertheless, fair treatment of customers was not […]
1.4 Why is TCF Needed?
Customers of financial services providers do not have as much information available to them as the product supplier or financial services provider, leaving customers open to unfair treatment. The consequences of unfair treatment or poor decisions are only felt some time after transacting, in some cases many years. This can result in significant hardship on […]
1.3 The Aim of TCF
It has already been stated that the objective of TCF is to create a fairer and more effective financial services industry. Thus, it can be said that the main aim of TCF is that customers’ needs are met fairly and appropriately through a sustainable and effective financial services industry. This implies that product providers, financial […]
1.2 The Six TCF Outcomes
The objective of TCF is to create a fairer and more effective financial services industry. To achieve this, the Financial Sector Conduct Authority has identified six core customer outcomes constituting fair treatment. The outcomes will be considered in detail, each as a separate topic. Outcome 1 Customers can be confident that they are dealing with […]
1.1 Introduction TCF
TCF stands for Treating Customers Fairly. The TCF initiative aims to regulate market conduct by basing it on the fair outcome of financial services rendered rather than just looking if financial services providers and their representatives adhere to all the rules and regulations laid down. The TCF initiative lays down six outcomes by which financial […]