Treating Customers Fairly (TCF) is the new approach from the Financial Services Authority which moves regulation from a rules based process to a principle-based approach.
TCF requires firms (whether providers or distributors) to treat customers fairly, and the FSA specify that this principle must run throughout the company’s ethos, management, processes and practices. Individual companies are left to interpret how this is to be implemented.
Research from law firm Reynolds Porter Chamberlain (June 2007) suggests that TCF breaches now feature in 40% of all fines imposed by the FSA (11% in previous year).
TCF requires firms (whether providers or distributors) to treat customers fairly, and the FSA specify that this principle must run throughout the company’s ethos, management, processes and practices. Individual companies are left to interpret how this is to be implemented.
Research from law firm Reynolds Porter Chamberlain (June 2007) suggests that TCF breaches now feature in 40% of all fines imposed by the FSA (11% in previous year).