Tenet, the adviser network group, has launched a treating customers fairly (TCF) accreditation programme with a traffic light system.
Tenet designed the programme to help its members ensure they understand TCF principles and can clearly demonstrate they have adopted them.
The programme uses a gap analysis questionnaire and performance indicators such as files reviews and complaints to make ‘red’, ‘amber’ and ‘green’ assessments for each adviser. Advisers with red or amber scores would receive Tenet support.
Advisers would update the questionnaire bi-monthly to keep a regular check on progress.
Keith Richards, distribution and development director at Tenet, says: “The issue of treating customers fairly is quite subjective, which is also one of the challenges it poses to advisers.
"In recognition of this we have designed our questionnaire to reflect that firms can achieve the same results in a number of ways, often influenced by their business practices and size. Increased focus on TCF from an adviser perspective will ultimately lead to increased business opportunities, consumer benefit and a happy regulator.”
The launch follows the introduction of Tenet’s TCF Toolkit in November. The Toolkit describes the importance of each TCF area and outlines focus points, aims and objectives.
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