The FSA has published a paper entitled Treating customers fairly: measuring outcomes (the Paper). The Paper reports on the progress that firms have made in delivering the six treating customers fairly (TCF) outcomes. It also focuses firms’ attention on meeting the FSA’s TCF deadlines.
The first deadline is at the end of March 2008. By then firms should have appropriate management information (MI) or measures in place to test whether they are treating their customers fairly.
The second deadline is that by the end of December 2008 firms must be able to demonstrate through MI that they are consistently treating their customers fairly.
According to the Paper one of the key findings is that senior management in many firms are taking TCF seriously. There are also signs that some firms are building TCF into their culture. However, there is little evidence that firms’ TCF work is translating into improved outcomes for retail consumers which means that it is possible that many firms will not meet the December 2008 deadline. In the Paper the FSA states that it expects all firms to “undertake a significant amount of further work with a great deal of energy” to build on their progress and that all firms need to “urgently” focus on meeting the 2008 deadlines.
View Treating customers fairly: measuring outcomes, (PDF 128KB), 6 November 2007