TCF Explained What is Treating Customers Fairly (TCF) is not a straightforward question to answer! Coined by the financial services industry, this ethos has far reaching implications for how compliant and effective a business is. Simply put, TCF is about ensuring that consumers get a fair and relevant product or service, and that the regulatory […]
On Tuesday, the FCA’s Executive Director of Supervision (Retail and Authorisations) Jonathan Davidson, delivered a speech at the Credit Festival, focusing on the challenges during the pandemic for consumer credit firms to take decisive and effective action when it comes to the fair treatment of customers. With the consumer credit industry including approx. 40,000 firms […]
Having adequate, effective and compliant policies, procedures and training workshops on what makes a customer vulnerable, how to identify them and how to communicate effectively is not only a mandatory FCA requirement, but also an essential business practice. It is even more important in times of national crisis, such as the current pandemic, to ensure […]
Governing bodies have stressed how essential it is to have complete and robust compliance programs in place, with emphasis on data protection, information security, vulnerable customers and complaint handling. In these difficult times, people are extremely stressed and anxious, which may lead to additional complaints where service or product expectations have not been met. Whilst […]
During the Covid-19 crisis, it is more important than ever for regulated firms to consider their approach to treating customers fairly and vulnerable customers. The FCA have published a statement on their expectations for firms to maintain a high-level of compliance in both areas and for organisations to assess their existing controls and measures to […]
Following on from their Mission back in April, the FCA yesterday published their Approach to Consumers document; with both TCF and vulnerable customer awareness being heavily featured. The overall aim of the document is to ensure well-functioning markets for consumers, with the Regulator advising that their starting point is for firms to treat customers fairly […]