Online training
Treating Customers Fairly
This training course provides an understanding of the importance of treating customers fairly (TCF). The course covers what TCF does and does not mean, the Financial Conduct Authority’s six key customer outcomes, and the delivery through the implementation of processes related to topics that include financial promotion, advising customers and handling complaints.
Geography Covered: EMEA | Duration: 30 minutes
Summary
A firm’s reputation is one of its most important assets, and by prioritizing customers’ interests a firm can protect and strengthen its reputation. This is not just a wise business practice, it’s the law. Treating Customers Fairly (TCF) is a key initiative of the Financial Conduct Authority (FCA) with the purpose of ensuring that authorized firms “pay due regard to the interests of their customers and treat them fairly.” This, in turn, should build consumer confidence in the financial services industry.
The FCA requires Treating Customers Fairly to be "embedded" into a firm's culture, which entails adhering to practices such as giving the customer what they have paid for, not taking advantage of the customer, offering the best product possible, making an effort to resolve complaints expeditiously, showing flexibility and empathy toward customers, and exhibiting clarity in all customer dealings. Firms that fail to treat customers fairly can receive large financial penalties from the FCA and suffer reputational.
The topics covered in the course include:
- Overview of the TCF initiative
- Principle Six
- Consumer outcomes
- Delivering TCF
- Real-world TCF scenarios
- Enforcement of TCF
Try a course and see how easy it can be to keep your employees up to speed