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In a speech at a recent "Treating Customers Fairly" conference, a spokesperson from the FSA re-iterated the need for many firms to accelerate their implementation of the TCF initiative if they are to meet the December 2008 deadline.
The FSA has been driving the TCF initiative for a number of years now and the difference from previous sets of legislation lies in the principled-based approach that focuses on desired outcomes rather than prescribed rules.
If the initiative is operated properly in a business then the six following outcomes will result:
- Customers will feel more confident in dealing with firms where the TCF initiative is central to the corporate culture.
- The products and services a company provides will have been designed with specific customer needs in mind and advertising will be targeted specifically to those groups.
- Information will be readily available to customers before a purchase, during a sale and after the event. This information includes sales brochures, key features documents and post-sale communications.
- When customers receive advice it will be given taking in to account their personal circumstances and will be suitable to them.
- Product performance will be in line with any expectations set during the sales process, thereby removing the chance of any over-selling.
- Customers will have reasonable methods of lodging complaints, changing products, switching providers or submitting claims. With the volume of claims rising across the whole financial sector this area is set to become an important one.
The FSA said they would be dedicating significant resources in 2008 in helping firms meet the December deadlines.
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