IFA firms should use the FSA's treating customers fairly (TCF) initiative as an opportunity for positive change, says Tenet.
The IFA network says firms could step-up their client communication and create more post-sale business opportunities while ensuring they have embedded the TCF principles into their practice.
Keith Richards, group distribution and development director at Tenet, says: “The whole principle of TCF is making sure you’re looking after consumers so that clearly goes beyond point of advice or point of sale. It’s about making sure there are procedures there to keep consumers informed.”
He says many advisers initially found TCF confusing because they had no clear requirements to check against. They believed their businesses already satisfied the TCF requirements as they had not received customer complaints.
However, he comments: “Just because we have happy clients, doesn’t mean we can’t enhance levels of service.
“Every business is different, so there is no ‘one size fits all’ action plan but by undertaking gap analysis, advisers can refine their model to ensure they are both fulfilling their responsibilities and reaping the benefits.”
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