Enhance Treating Customers Fairly

Treating Customers Fairly (TCF) is the practical realisation of one of the FSA’s core principles: “A Firm must pay due regard to the interests of its customers and treat them fairly.”

• True

• False

The FSA have defined ____ consumer outcomes expected from a firm in the course of Treating Customers Fairly (TCF). These will be used as the FSA monitors TCF against the life cycle of each product. Please fill in the gap!

Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint. Which consumer outcome is this?

• Outcome 3

• Outcome 2

• Outcome 5

• Outcome 6

TCF is about a culture - doing business in a way that will help ensure customers get fair treatment. 

• True

• False

TCF is about a culture - doing business in a way that will help ensure customers spend more money with us and make us a bigger company. 

• True

• False

CTCF does not mean:

• creating satisfied customers; a satisfied customer could still be treated unfairly and not know it
• that every firm must offer an identical level of service – the FSA recognises that businesses have different resources and ways of doing things
• that the FSA has the final say on which products consumers should want or be sold
• that customers are no longer expected to make decisions or take responsibility for them

• True

• False

Correct and appropriate sales benefit both you and your customer, leading to:

• a fairer deal for customers
• reduced fall-out rates
• increased customer loyalty
• customers recommending you to others
• reduced cases of arrears
• less time spent dealing with complaints
• MI reflecting all of the above, which is likely to result in fewer FSA visits
• a reduced risk of enforcement action by the FSA

• True

• False

All staff should be aiming to treat all customers fairly and equally. We should strive to provide correct information at the start, during and end of the sales process. 

• True

• False

As part of TCF you need to be able to demonstrate that:

• our customer can afford any loan you recommend (whether Full Status or Self Certification) – for the life of the loan
• the recommended product is suitable for the customer based on their needs and attitude to risk
• the product chosen was the most suitable from the available options

• True

• False

We are not regulated by the FSA we don't need to worry about Treating customers Fairly!

• True

• False

I have a customer complaining to me, should I?

• Not tell anyone

• Tell the person who sits next to me

• Log it as a compliant In my note book on my desk

• Inform my line manager that a complaint has been made

A customer wants to know about who we are and what we do. You tell them? Multiple answers

• We are a loan broker

• We are a lender

• We don't deal with poor credit lending

• We would never put you on debt management

• We are a financial solutions broker we will make sure we match you with the best product most suited to your circumstances

• Exactly what they want to here

Treating customers Fairly is not my responsibility!

• True

• False