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ARTICLE · 09 MAY 2014

Treating Customers Fairly – An Evidence Based Approach: Embedding Success

Deloitte
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The Financial Services Authority (FSA) continues to challenge the industry to improve monitoring and delivery of Treating Customers Fairly (TCF).

United KingdomAntitrust/Competition Law
Deloitte Financial Services Group
Deloitte Financial Services Group
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Can you prove that you are treating your customers fairly?

The Financial Services Authority (FSA) continues to challenge the industry to improve monitoring and delivery of Treating Customers Fairly (TCF). The burden of proof is very much with senior management and there are now clear timescales to embed and evidence consumer outcomes. However, the challenges remain and embedding TCF is not easy. An organisation wide, structured and risk based approach that identifies and learns from key customer indicators is the answer.

Clearer consumer outcomes

The FSA are shifting emphasis from a rules-based approach to a more principles-based approach. At the forefront of this change is Principle 6: "Customers' interests – a firm should pay due regard to the interests of its customers and treat them fairly".

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