Treating customers fairly (TCF)
TCF is the cornerstone of our efforts to ensure consumers get a fair deal and 2008 is an important year for all firms.
2008 Deadlines
Your firm must be able to demonstrate by the end of December 2008 through its management behaviours that it consistently treats its customers fairly. As an interim step, by March this year, your firm should have the necessary management information in place.
Increased supervision and contact with you
We are increasing our supervision of - and contact with - small retail intermediaries.
The pace of progress must increase if small retail intermediaries are to meet the December deadline. A progress report last year found that only 41% of small retail firms met the TCF implementation deadline of 31 March. While some firms have made progress on building the fair treatment of customers into their businesses, there is less evidence that firms are responding to our thematic findings and translating those into improved outcomes for their customers.
See below for most recent findings of thematic work.
Mortgage sector
Financial advice sector
General Insurance sector