Treating Customers Fairly

New legislation requires that the Treating Customers Fairly (TCF) approach must be embedded in the culture of financial services institutions such as FMI. Seeking to regulate the market conduct of these firms, the TCF approach focuses on treating customers fairly in line with six key principles.

With a view to creating good business ethics, these principles include:

• The Right Culture: Fair treatment of customers should be central to the firm culture.
• The Right Targeting: Products and services should meet their target markets.
• The Right Information: Customers should be given clear information that is correct.
• The Right Advice: Customers should receive advice that is suitable and takes account of their circumstances.
• The Right Delivery: Products and services should deliver as customers expect
• The Right Post-sale Treatment: Customers should not face unreasonable post-sale barriers

TCF seeks to ensure that specific, clearly-articulated fairness outcomes for financial services customers are demonstrably delivered by regulated financial institutions.