Treating Customers Fairly
The FSA’s announcement in May 2007, which extended the deadline for firms to embed Treating Customers Fairly (TCF) to December 2008, was an affirmation that implementing the initiative had proved to be considerably more difficult than either the regulator or firms had previously envisaged.
Feedback from recent TCF MI reviews conducted by the FSA has given some firms confidence that they have approached the TCF initiative in the correct way, but many more firms will be acutely aware that they have considerably more work to do. These firms will have noted the apparent inconsistencies in the FSA’s approach to TCF and will also be aware of how difficult TCF MI was for them to deliver. Their next concern will be with regard to pragmatically and effectively addressing the issue of TCF culture.
Huntswood is publicly acknowledged as being a leader in TCF thinking, advice and delivery. We have worked with leading firms in the retail banking, life & pensions and general insurance sectors to not only help them meet the FSA’s March and December 2008 deadlines, but also leverage TCF to embed broader cultural and business benefits in line with their business strategies.
“There were three things that helped our business to get our TCF programme right, the FSA’s 6 consumer outcomes, customer analysis and Huntswood” – Head of UK Customer Services, large retail bank.