Treating customers fairly
Related information
Industry Training regularly offer training to support the industry.
Treating customers fairly (TCF) is central to the delivery of our retail regulatory agenda as well as being a key part of our move to more principles-based regulation.
Our retail regulatory agenda aims to ensure an efficient and effective market and thereby help consumers achieve a fair deal. We aim through our TCF work to deliver improved outcomes for retail consumers.
Latest updates & additions
June 2008
Treating customers fairly: Progress update [PDF]
This paper reports on the progress that firms have made against the March interim deadline. It also includes small firms case study material and examples of good and poor practice in relationship-managed firms.
April 2008
Treating customers fairly in wholesale markets
Speech by Sarah Wilson at the Protiviti Breakfast Meeting on 15 April.
Industry deadlines
We have set firms two deadlines for this year - by the end of March 2008 firms are expected to have appropriate management information or measures in place to test whether they are treating their customers fairly; and by the end of December 2008 all firms are expected to be able to demonstrate to themselves and to us that they are consistently treating their customers fairly.
The six TCF outcomes
We have defined six consumer outcomes, which explain what we want TCF to achieve for consumers.
Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
Also in this section
TCF Consultative Group
We set up the TCF Consultative Group to help us take TCF forward and enable industry and consumer groups to feed their views into the development of our TCF work.
