Tip of the Week

Treating Customers Fairly Six Consumer Outcomes

By 26th October 2020 No Comments

Treating Customers Fairly (TCF) is about placing responsibility on firms’ management to deliver fair outcomes for consumers whilst offering you the flexibility to deliver these outcomes in the way which best suits your business. To enable you to do this you should be focusing on delivering the six TCF consumer outcomes:

1. Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
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.
3. Consumers are provided with clear information and are kept appropriately informed before, during, and after the point of sale.
4. Where consumers receive advice, the advice is suitable and takes account of their circumstances.
5. Consumers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and also as they have been led to expect.
6. Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.