The FCA Treating Customers Fairly (TCF) Regime
Treating Customers Fairly (TCF) remains central to the FCA’s expectations of firms’ conduct. Firms are expected to put the well being of customers at the heart of everything they do and how they run their businesses. TCF, with its focus on consumer outcomes, underpins the delivery of the FCA’s statutory consumer protection objective and its future objectives.
All firms must be able to demonstrate that they are consistently delivering fair outcomes to consumers and that senior management are taking responsibility for ensuring the firm, and its relevant staff, deliver the FCA’s six published consumer outcomes (relevant to their business) through establishing an appropriate culture. The FCA uses the required outcomes as an important factor in guiding regulatory decisions and actions. The FCA expects firms to make use of suitable management information (MI) to monitor the outcomes that they are achieving for customers and to make it available to the FCA, if requested. When considering firms responsibilities to treat customers fairly, certain principles from the high level Principles for Businesses (PRIN) are also relevant. The key principle for firms to consider is Principle 6: ‘A firm must pay due regard to the interests of its customers and treat them fairly’. However, firms should also consider their regulatory obligations under the other principles, which also contribute to ensuring that customers are treated fairly.
the TCF regime
the six published expected consumer outcomes
Management Information (MI).
To provide attendees with a practical understanding of:
the FCA’s TCF regime and regulatory expectations
firm culture, including leadership
how to achieve and demonstrate (by MI) good customer outcomes
the Principles for Businesses (PRIN) and the relevance of the FCA’s Senior Management Arrangements, Systems and Controls sourcebook (SYSC).
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Course Title: The FCA Treating Customers Fairly (TCF) Regime