Treating customers fairly

Definition :
The TCF principle aims to raise standards in the way firms carry out their business by introducing changes that will benefit consumers and increase their confidence in the financial services industry.

The TCF aims to:

• Help customers fully understand the features, benefits, risks and costs of the financial products they buy;
• Minimise the scale of unsuitable products by encouraging best practice before, during and after a sale. In order for organisations to demonstrate TCF compliance, they must hold up-to-date communication details for their clients. For example, the quality of addresses held must be a priority. If customer records and communication details are not kept accurate and up to date then it becomes difficult for an organisation to provide a good level of customer services and comply with TCF regulations.