At the end of July, announcements were posted on the FSA website updating the position on the FSA’s Treating Customers Fairly (TCF) project. If this is a phrase you recognize, prepare for March 31, 2007. But why?
The FSA expects firms that are behind in implementing its TCF requirements to have begun introducing TCF plans in a substantial part of their business by the March deadline.
The FSA has published a progress report, which sets out six desired outcomes for consumers of TCF and has stated that TCF applies to all companies regardless of size. It has published a guide for small firms to show them what it expects them to do. There is no standard way for TCF to be applied as no two firms are the same. The FSA has posted a TCF self assessment questionnaire on its website.
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The six outcomes for consumers. They:
Deal with companies where the fair treatment of customers is a key part of the corporate culture
Are marketed and sold retail products that have been designed to meet their needs
Receive clear information and are kept informed at all times
Receive suitable advice
Receive the product performance they have been led to expect
Do not face unreasonable post-sale barriers when they want to change product, switch provider, submit a claim or make a complaint