A course designed to introduce employees who work in the financial sector to the principle of treating customers fairly so as to raise standards in ways that benefit customers and increase consumer confidence.
Summary Lesson 1 – Overview:
- Organisations regulated by the FCA must implement the TCF principle.
- Organisations must demonstrate their compliance by placing TCF at the centre of their activities.
- Organisations and their employees that offer financial products and services are responsible for implementing the TCF principle.
- The FCA carries out enforcement action in relation to TCF.
Summary Lesson 2 – Consumer Outcomes:
- The FCA has developed six consumer outcomes to explain the TCF principle in more detail.
- The six consumer outcomes apply to all stages of the sales process – before, during and after the point of sale.
- Organisations who implement the six outcomes should have customers who understand the products and services they are buying.
Summary Lesson 3 – Complaints Procedures
- Your organisation should have a fair complaints procedure in place, visible and accessible to customers.
- An effective complaints procedure should follow the FCA standards and timescales.
- Organisations can benefit from handling complaints effectively by using the opportunity to strengthen their relationship with their customers and using complaint information to improve customer services.