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Treating Customers Fairly

TCF Consumer Outcomes

The aim of the ‘TCF’ initiative is to deliver six improved outcomes for retail consumers – commonly known as the six TCF consumer outcomes.

The FCA believes that putting consumers at the centre of the corporate culture means that TCF, rather than simply being about processes, should translate into practical outputs in the shape of fair outcomes for consumers.

In essence, FCA expects firms to focus on delivering the Treating Customers Fairly Outcomes and evidence they are doing so. In practice, it means Drivespeed:

  • Looks at our business and identifies all the Treating Customers Fairly outcomes that are relevant to us.
  • Ensure we have appropriate evidence in place – using MI or other information to measure whether we are delivering all the identified outcomes.
  • Look at what the evidence is telling us – and act on it.

The six TCF Consumer Outcomes form the cornerstone of ‘TCF’ and are summarised below:

Outcome 1 Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

Outcome 2 Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.

Outcome 3 Consumers are provided with clear information and kept appropriately informed before, during and after the point of sale.

Outcome 4 Where consumers receive advice, the advice is suitable and takes account of their circumstances.

Outcome 5 Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

Outcome 6 Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

Vulnerable Customers

We support our staff to identify signs of vulnerability, for instance through training and resources, and to set up systems and processes that enable customers to disclose their needs if they choose to.

Our policies and procedures have been developed to enable vulnerable consumers to experience outcomes as good as those for other consumers and receive consistently fair treatment across our products and services.