The FSA has published an update on firms’ progress toward meeting the December 2008 deadline of the Treating Customers Fairly initiative (TCF). The initiative is part of the FSA’s move towards principles based regulation and seeks to encourage firms to change their behaviour toward customers.
The December deadline requires firms to be able demonstrate that they are consistently treating their customers fairly. Firms must be able to provide evidence that they have met the TCF outcomes by demonstrating that:
a) senior management have instilled a culture of fair treatment within the firm, where staff are expected to treat customers fairly at all times;
b) appropriate and accurate methods are in place to measure performance against all customer fairness issues, and that the firm is acting on the results;
c) through such measures, fair outcomes are being delivered; and
d) the firm has no serious failings.
To see previous blog entries relating to the FSA’s TCF initiative, click here. A full copy of the progress report can be accessed here.
