TCF definitions vary across company departments

clock

Financial services companies have discovered the interpretation of Treating Customers Fairly requirements can differ from each department within one company even though the FSA requires firms to set out a management chain of responsibility.

A recent series of discussion forums of banks, insurers, mortgage lenders and IFAs in London, Manchester and Edinburgh – and staged by PR and research house Clearconcepts – discovered firms are still uncertain about how best to approach TCF and are most unclear as to where responsibility lies should a consumer make a complaint. Jonathan Williams, spokesman for Clearconcepts, says while there is a high level of due diligence within companies concerning TCF requirements, it is the interpretation of terms such as fairness between different business units and understanding the specific respo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

The Platforms Association acquires the UK Platform Awards

The Platforms Association acquires the UK Platform Awards

Clive Waller hands over the awards programme

Isabel Baxter
clock 30 July 2026 • 2 min read
FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

Covers advisers, platforms and wealth managers

Sophia Panayi
clock 30 July 2026 • 3 min read
'Underperforming' sector does more damage to women over time

'Underperforming' sector does more damage to women over time

Y Tree executive director Eliana Sydes speaks to PA

Sophia Panayi
clock 29 July 2026 • 2 min read