Take TCF Seriously or Face Regulatory Intervention

"Take TCF Seriously or Face Regulatory Intervention"

Those were the words used by Sarah Wilson the FSA’s Director of Treating Customers Fairly.  

Speaking at the FSA’s third Treating Customers Fairly conference on 6 November 2007 Sarah Wilson emphasised the following points:

• The FSA has a reached a turning point on TCF and expects increased action from firms to meet the March 2008 deadline. 
• For those firms where senior management drive change through the firm in the next fourteen months, there will be a regulatory dividend.   Supervisors will have little reason to ask further detailed questions if firms produce, and use, well constructed measures of performance and they show a strong story. 
• For those firms missing the deadline and failing to take their obligations seriously, the message is absolutely clear - you will face more regulatory intervention.  

Fourteen Months Left For The "Six Outcomes"

March 2008 will soon be here and firms need to take action now to ensure they can demonstrate the six required TCF outcomes.  The earlier you start, the better.  

The Six Outcomes

1. Culture: Clients should be confident they are dealing with firms where their fair treatment is central to the corporate culture.  
2. Products and Services: Products and services marketed and sold in the retail market must be designed to meet the needs of identified client groups and targeted accordingly.  
3. Clear Information: Clients are provided with clear information and kept appropriately informed before, during and after the point of sale.  
4. Suitable Advice: Where clients receive advice, that advice is suitable and takes account of their circumstances.  
5. Client Expectations: Clients should be provided with products that perform as they are led to expect and the associated service is both of an acceptable standard and as they have been led to expect.  
6. Post Sales Barriers: Clients should not face unreasonable post sale barriers imposed by firms to change a product, switch provider, submit a claim or make a complaint.  

If you leave it until the last minute the FSA could easily accuse you of not taking TCF seriously and your firm could face further scrutiny.  

The FSA are providing extra assistance for firms and have now added examples of management information to their website http://www.fsa.gov.uk/pages/Doing/Regulated/tcf/management/index.shtml

TCF Templated Procedures Available Now

We have developed templated gap analysis and assessment tools and procedures for firms to buy and use and tailor to their own needs.  

Visit the Compliance Shop and download your documents today.  

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