Enhance Treating Customers Fairly

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| By Calum86
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  • 1/14 Questions

    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
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About This Quiz

The Enhance Treating Customers Fairly quiz is a simple examination tool to be used in conjunction with staff training to help improve and deliver our policy regarding TCF.

Enhance Treating Customers Fairly - Quiz

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  • 2. 

    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

    Correct Answer
    A. True
    Explanation
    Treating Customers Fairly (TCF) is a concept that aligns with one of the core principles of the Financial Services Authority (FSA), which states that firms must consider the interests of their customers and treat them fairly. TCF is a practical implementation of this principle, ensuring that customers are treated ethically and receive fair treatment from financial service providers. Therefore, the given answer, "True," is correct as it accurately reflects the relationship between TCF and the FSA's core principle.

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  • 3. 

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

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement suggests that TCF (Treating Customers Fairly) is centered around a culture of conducting business in a manner that prioritizes fair treatment for customers. This implies that TCF is not just a one-time action or policy, but rather a mindset and approach that permeates throughout the organization. Therefore, the correct answer is True.

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  • 4. 

    Treating customers Fairly is not my responsibility!

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Treating customers fairly is everyone's responsibility!

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  • 5. 

    What does TCF stand for?

    • Treating cats fairly

    • Treating Customers Fairly

    • Treating consumers Fairly

    • Tackling compliance first

    Correct Answer
    A. Treating Customers Fairly
    Explanation
    The acronym TCF stands for Treating Customers Fairly. This means that businesses and organizations should prioritize fairness and equality when dealing with their customers. It emphasizes the importance of providing transparent information, delivering products and services that meet customer needs, and handling complaints and disputes in a fair and efficient manner. Treating Customers Fairly is a principle that aims to build trust and confidence between businesses and their customers, ultimately leading to positive customer experiences and long-term relationships.

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  • 6. 

    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

    Correct Answer
    A. True
    Explanation
    The statement suggests that when sales are correct and appropriate, it benefits both the seller and the customer. This is because it leads to a fairer deal for customers, reduced fall-out rates, increased customer loyalty, customers recommending the seller to others, reduced cases of arrears, less time spent dealing with complaints, and MI reflecting all of these benefits. As a result, there is a higher chance of fewer visits from the FSA and a reduced risk of enforcement action by the FSA. Therefore, the statement is true.

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  • 7. 

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

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Just because we are not directly regulated by the FSA doesn't mean that we should not be treating all of our customers fairly!

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  • 8. 

    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

    Correct Answer
    A. Inform my line manager that a complaint has been made
    Explanation
    In this situation, it is important to inform the line manager that a complaint has been made. By doing so, the line manager can take appropriate actions to address the complaint and ensure customer satisfaction. Keeping the complaint to oneself or telling a colleague may not lead to a resolution, while logging it in a notebook may not guarantee that the issue will be properly addressed. Therefore, informing the line manager is the best course of action to ensure that the complaint is handled appropriately.

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  • 9. 

    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

    Correct Answer
    A. True
    Explanation
    As part of the TCF (Treating Customers Fairly) guidelines, it is important to ensure that the customer can afford any loan recommended to them, whether it is a Full Status or Self Certification loan, for the entire duration of the loan. Additionally, the recommended product should be suitable for the customer based on their needs and their attitude towards risk. Finally, it is crucial to choose the most suitable product from the available options. Therefore, the statement is true as it accurately reflects the requirements for demonstrating TCF compliance.

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  • 10. 

    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

    Correct Answer
    A. False
    Explanation
    The explanation for the given correct answer, which is False, is that TCF (Total Customer Focus) is not solely about culture or doing business in a way that will help ensure customers spend more money and make the company bigger. TCF is a comprehensive approach that focuses on understanding and meeting customer needs, providing excellent customer service, and building long-term relationships. It encompasses various aspects such as product quality, customer satisfaction, employee engagement, and continuous improvement, rather than just emphasizing on increasing revenue and company size.

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  • 11. 

    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!

    Correct Answer
    6
    Six
    Explanation
    The FSA have defined 6 consumer outcomes expected from a firm in the course of Treating Customers Fairly (TCF). These outcomes will be used as the FSA monitors TCF against the life cycle of each product.

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  • 12. 

    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

    Correct Answer
    A. We are a financial solutions broker we will make sure we match you with the best product most suited to your circumstances
    Explanation
    The correct answer is "we are a financial solutions broker we will make sure we match you with the best product most suited to your circumstances." This answer provides a clear explanation of the company's role as a financial solutions broker and emphasizes their commitment to finding the best product for the customer's specific needs.

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  • 13. 

    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

    Correct Answer
    A. Outcome 6
    Explanation
    This consumer outcome is Outcome 6, which ensures that consumers do not face unreasonable post-sale barriers imposed by firms when they want to change a product, switch providers, submit a claim, or make a complaint. This means that consumers have the freedom and ease to make these changes or address any issues without facing unnecessary obstacles or difficulties from the company.

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  • 14. 

    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 Answer
    A. True
    Explanation
    The statement "CTCF does not mean that customers are no longer expected to make decisions or take responsibility for them" is true. CTCF stands for "Treating Customers Fairly" and it is a set of principles that financial firms in the UK are required to follow in order to ensure fair treatment of their customers. While CTCF aims to protect customers and ensure fair treatment, it does not absolve customers from making their own decisions or taking responsibility for them. Customers are still expected to make informed choices and take responsibility for the consequences of their decisions.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 14, 2011
    Quiz Created by
    Calum86
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