treating customers fairly (tcf)

This is an area of particular expertise for Intouch, having worked with banks, building societies, friendly societies, life assurers, intermediaries, third party administrators and the FSA!

We offer a range of services, including:

• A review of the management information that a firm uses to monitor TCF and advice on any gaps or shortfalls
• Training directors and managers on TCF from basic awareness to helping them think through the implications for their part of the business and the key risks associated
• An external, company-wide audit of how well TCF is embedded and highlighting where there may be risks of consumer detriment
• Training internal teams in how to carry out a full TCF audit

Why should your firm undertake a TCF audit?  Because

• If completed properly  it is the only effective way of finding out what customer outcomes you are really producing, and
• If acted upon, it provides evidence that you have the right culture.

The benefits of engaging Intouch to complete a TCF audit for you are:

• Applying a risk based audit process similar to that used by the regulator
• Assessing both culture and/or individual outcomes as determined by the risk(s) present in your firm
• Having an audit completed by an impartial third party, experienced in the industry and in assessing fair treatment of customers
• Having a tailored risk mitigation plan for use within your firm
• Exposing your personnel, from board to customer facing, to a more intrusive style of supervision; a valuable learning experience for individual and firm alike.

In addition, you will be able to demonstrate to the FSA a proactive and committed approach to treating customers fairly.