Customer-centric business culture is all-important when it comes to TCF, writes Jon Everill. But it isn't something you can look up in the FCA handbook...
"Treating customers fairly (TCF) is a cultural issue. It is only through establishing the right culture that senior management can convert their good intentions into actual fair outcomes for consumers." So begins the Financial Services Authority (FSA) update paper on ‘Treating customers fairly - culture' issued in July 2007. The paper set out the cultural framework the then regulator expected supervisors to follow when assessing the risks a firm's culture presents to its TCF obligations. A lot has happened since then, not least the demise of the FSA in favour of the new and improve...
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