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