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 five-minute complaint and the five-day investigation

The five-minute complaint and the five-day investigation

GSI Group CEO on complaints, AI and the latest set of FOS reforms

Mark Buck
clock 12 August 2026 • 5 min read
Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin
clock 12 August 2026 • 4 min read
New Talent Alliance launches financial advice careers guide

New Talent Alliance launches financial advice careers guide

Designed to attract new entrants into the profession

Sophia Panayi
clock 11 August 2026 • 2 min read