News Details

09 May, 2007

New deadline set for TCF

The FSA has published a further reoprt on the progress of implementing TCF.

The key messages in the report are :-

TCF to be fully implemented and firms able to demonstrate that they are consistently treating their customers fairly by December 2008.

 

  • 93% of major retail firms
  • 87% of medium sized retail firms,
  • 74% of wholesale firms (where TCF is relevant)
  • 41% of small firms met the March 07 deadline.

The FSA also are planning further Regional Workshops and additional on line tools.

We can expect the FSA to increase the level  of testing - surveys / Mystery Shopping etc.

The key things that the FSA expects firms to be doing include:

  • Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate 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.

  • Consumers are provided with clear information and are kept appropriately informed before, during, and after the point of sale.

  • Consumers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and also as they have been led to expect.

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

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