Treating Customers Fairly
Treating customers fairly (TCF) is central to the Financial Service Authority's (FSA) delivery of their retail regulatory agenda, which aims to ensure an efficient and effective market and thereby help consumers achieve a fair deal. As an FSA registered financial provider, Aldermore must be able to demonstrate that we are consistently delivering fair outcomes to consumers and that senior management are taking responsibility for ensuring that the firm and staff at all levels deliver the consumer outcomes relevant to our business through establishing an appropriate culture. The FSA expects Aldermore to:
- demonstrate that senior management have instilled a culture within the firm whereby they understand what the fair treatment of customers means; where they expect their staff to achieve this at all times; and where firms promptly identify (a relatively small number of) errors, put things right and learn from them;
- be appropriately and accurately measuring performance against all customer fairness issues materially relevant to their business, and be acting on the results;
- be demonstrating through those measures that they are delivering fair outcomes;
- and have no serious failings - whether seen through management information (MI) or known to the FSA directly - including in areas of particular regulatory interest the FSA has previously publicised.
TCF - What it means for you
Through TCF, the FSA aims to deliver improved outcomes for retail consumers. Their six consumer outcomes explain what the FSA want TCF to achieve for consumers, as outlined in their 2006 publication Treating customers fairly - towards fair outcomes for consumers. When dealing with Aldermore, consumers can expect the following experience:
Outcome 1: Consumers can be confident that they are dealing with a firm where the fair treatment of customers is central to the corporate culture.
Outcome 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.
Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
Outcome 5: Consumers are provided with products that perform as Aldermore have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by Aldermore to change product, switch provider, submit a claim or make a complaint