Treating Customers Fairly

Treating Customers Fairly (TCF) is an initiative of The Financial Services Authority (FSA) and aims to raise standards across the financial services industry and thereby increase consumer confidence.

TCF is seen as ongoing - changing the culture of how firms operate not just their processes.

TCF requires firms to focus on six key outcomes:

• consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture

• products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly

• consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale

• where consumers receive advice, the advice is suitable and takes account of their circumstances

• consumers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and also as they have been led to expect

• consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint

TCF aims to:

• help customers fully understand the features, benefits, risks and costs of the financial products they buy

• minimise the sale of unsuitable products by encouraging best practice before, during and after a sale

All authorised firms should be able to demonstrate that they are consistently treating their customers fairly from December 2008.