Treating Customers Fairly
Treating Customers Fairly (TCF) is central to the consumer protection objective of the Financial Conduct Authority (FCA), which aims to ensure an efficient and effective market that provides consumers with fair outcomes.
As an FCA regulated firm Aldermore must demonstrate that senior management have established a culture that ensures that the firm and staff at all levels consistently deliver positive outcomes for our customers through our values, our strategy, our products and our services.
The FCA expect Aldermore to:
- Demonstrate that senior management have instilled a culture that fair treatment is at the heart of the strategy, that all staff understand what is required of them and recognise where outcomes can be improved and make the necessary changes to achieve this.
- Measure consumer outcomes and act upon the results
- Demonstrate through those measures that fair outcomes for customers are being consistently delivered.
- Constantly review key emerging issues that impact consumer outcomes across the industry and assess our own products and services to make changes where necessary.
TCF - What it means for you
Through TCF, the FCA expects and will monitor firms on how they evidence good outcomes for their retail customers. The six outcomes are the benchmark for firms to demonstrate and evidence that the fair treatment of customers is at the heart of their strategy.
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.