Treating Customers Fairly

Our policy statement
Treating Customers Fairly (TCF) is central to the Financial Conduct Authority (FCA)’s expectations of a firm’s conduct. At Rockfire Capital, we put the wellbeing of our customers at the heart of how we run our business. Without clients, we do not have a business, therefore Rockfire Capital fully endorses and supports the principle that, in everything we do, clients must be treated fairly. We wholeheartedly believe that our clients should get services and products from a firm that is professional and they can trust.
The TCF principle aims to raise standards in the way we carry out our business, by introducing changes that will benefit our clients and increase their confidence in the financial services industry.

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

These outcomes explain what the FCA expects TCF to achieve for clients/consumers. These were originally issued in a FCA paper in July 2006, and are still very relevant today.
  1. Clients/consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the firm’s 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. Clients/consumers are provided with clear information, and are kept appropriately informed before, during and after the point of sale.
  4. Where consumers/clients do receive advice, the advice has to be suitable and take account of their circumstances.
  5. 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.
  6. Consumers/clients do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim, or make a complaint.

Management information

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.