The ifs School of Finance has called for advisers to consider the advantages of gaining a qualification in Treating Customers Fairly (TCF), after a Bristol based IFA was fined £42,000 for complaints handling failings.
The FSA imposed the fine because the firm failed to handle complaints within a reasonable period of time and correctly monitor staff and training procedures.
In response to the ruling, Mark Roberts, head of financial regulation at the ifs School of Finance says: “Organisations need to implement TCF strategies that will satisfy both regulatory and customer expectations and gaining rigorous and respected qualifications such as the Certificate in Regulated Customer Care (CeRCC) can help achieve this.”
In 2007, the FSA has focused on the implementation and embedding of TCF strategies to help satisfy customer expectations.
The ifs School of Finance recommends TCF qualifications to not only ensure compliance with FSA regulation, but also as a way of improving the customer experience.
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