TCF will always be part of our business culture
Specifically this means:
- Helping clients understand the features, benefits, risks and costs of the financial products they buy
- Minimising the sale of unsuitable products by encouraging best practice before, during and after sale
- Following the FCA’s six TCF outcomes (see below).
Each area of our business has to demonstrate what they do in relation to this policy. Every member of staff is responsible for TCF.
The six TCF outcomes
- Clients/consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the firm’s culture.
- Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups, and are targeted accordingly.
- Clients/consumers are provided with clear information, and are kept appropriately informed before, during and after the point of sale.
- Where consumers/clients do receive advice, the advice has to be suitable and take account of their circumstances.
- Consumers/clients are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard, as they have been led to expect.
- Consumers/clients do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim, or make a complaint.
The FCA continues to expect firms to make use of suitable management information to monitor the outcomes they are achieving for customers. This may comprise a range of information of different types, both numeric and descriptive, but it’s important that it is forward-looking (enabling management to identify risks to customer outcomes, rather than dealing only with known issues), and that it is acted upon when necessary.
At Rockfire Capital, “Treating Customers Fairly” is on our standard meeting agendas, and is discussed regularly at risk review meetings.