TCF definitions vary across company departments

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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...

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