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Treating Customers Fairly

It is only through establishing the right culture that senior management can convert their good intentions into actual fair outcomes for consumers and ensure that delivery of these outcomes is sustainable.”

Quote: Financial Conduct Authority

We will be looking for firms to base their culture and how they run the business on a foundation of fair treatment for customers. Whilst we recognise that firms need to be sustainable, we will not let a firm compromise fair treatment of customers to achieve financial success.”

Quote: Financial Conduct Authority 

In July 2007 the FSA, which became the FCA in April 2013, published a paper setting out a ‘culture framework’, Treating Customers Fairly, or ‘TCF’ as it is sometimes known.

Treating Customers Fairly provides the foundations of the way the FCA expect IFAs to deal with their customers. It’s one we believe in. Totally. In fact, at One Financial Solutions, we try not to use the abbreviation ‘TCF’, preferring to use the term ‘treating customers fairly’ as a constant reminder of our responsibilities to you.

For your information as a client, here are the six expectations, the ‘outcomes’, as they are summarised on the FCA’s website.

Our six consumer outcomes explain what we want TCF to achieve for consumers. These were outlined in our July 2006 publication, Treating customers fairly – towards fair outcomes for consumers. These remain core to what we expect of firms. We will continue to use them as an important factor in guiding regulatory decisions and actions.

Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.

Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.

Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.

Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

For a full copy of the FCA’s Treating Customers Fairly document please click here.