The FSA has today published the latest addition to it Treating Customers Fairly (TCF) web site as the deadline for management information (MI) looms.
The publication highlights developments since the last update in November 2007, as well as linking to support materials to assist firms in meeting the deadline.
Firms must meet two TCF deadlines in 2008, the first being the implementation of MI procedures in March to ensure firms have sufficient evidence to test their TCF compliance. Secondly, by December, firms must demonstrate they are treating customers fairly.
As part of a preliminary exercise, all major retail firms, with some exceptions, and a sample of smaller firms will be assessed against the March Deadline. All firms to which TCF is materially relevant will be assessed to the December deadline. Results from the preliminary assessment will be published in the second quarter of 2008.
The FSA has already assessed several major retail firms, medium-size firms and wholesale firms and has identified some common themes.
It says many firms already collect the information relevant to TCF, but do not use the data to measure how well they are treating customers.
The regulator also found that although many firms chose a particular measure to evidence TCF, they had not always thought about what the measure could tell them.
The FSA highlighted a lack of proper analysis of TCF data, meaning firms might be at risk of not identifying TCF issues, or that different managers in a single firm might interpret the data in different ways.
The report adds: “Overall, we still see too much focus by firms on customer satisfaction, rather than fair treatment – and too much focus on process, rather than the Treating Customers Fairly Outcomes.”
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