Treating Customers Fairly (TCF)

Treating Customers Fairly (TCF) is an initiative introduced by the FSA which aims to raise the overall quality of service provided by financial service firms to their customers. This in turn will help raise overall consumer confidence in the financial markets.

The FSA’s TCF objective extracted from the FSA website are as follows:

‘Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture. ‘

‘Outcome 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. ‘

‘Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale. ‘

‘Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances. ‘

‘Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect. ‘

‘Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint. ‘

TCF is different from ‘customer satisfaction’ because a satisfied customer may not always be aware if they have been provided with all the information to make their decision: i.e. if they have been treated fairly. The programme expands on the underlying principles of ‘customer satisfaction’ and looks to create a TCF culture within an organisation through a tiered approach. Training is key part of implementing a successful TCF culture and Cobent’s Compliance Training and Learning Management Systems (LMS) can help your organisation manage this to regulatory guidelines by providing:

A centralised system to record, track, manage and report on training to reduce the risk of non-compliance.

All records and transactions are stored centrally, providing a secure and complete database of all training throughout your organisation. Reports and dashboards provide supervisors and senior managers with an easy way to action any items that may result in non-compliance.

The tools to create and ensure consistent training

Cobent LCS comes with built-in content authoring tools to create and quickly update straightforward training documentation and can also be integrated with your document management system. The workflow and e-signature functionality ensures training is run through suitability and accuracy review and approval processes before it can be assigned to end users. All content is managed with full version control, to ensure employees are always trained on the most up to date versions. Cobent LCS makes it easy to ensure that training is consistent throughout your organisation.

The flexibility to integrate with your complaints management system

When implementing a TCF culture, it’s not enough to just record and recognise customer complaints; you need to train staff to reduce the chances of the complaint reoccurring. Cobent LCS is flexible enough to integrate with complaints management systems to provide a 360 degree approach to complaints handling.

A learning environment to support a TCF culture

Cobent LCS provides flexible learning environments so that you can support your employees and enforce a TCF culture. Access to the system is personalised to the user, providing them with full visibility of all relevant training requirements and responsibilities. Refresher material and notes can be added to the system for easy reference.

Contact us today to understand how we can help you cost-effectively and quickly implement your TCF culture. Contact us on +44 (0) 208 973 4092 or info@cobent.com.

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Treating Customers Fairly (TCF)

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