The Financial Services Authority's (FSA) principle of Treating Customers Fairly (TCF) should not be ...
The Financial Services Authority's (FSA) principle of Treating Customers Fairly (TCF) should not be looked at in isolation, legal experts have insisted.
David Scott, dispute resolution partner at law firm Freshfields Bruckhaus Deringer, said TCF is "a major subject across the industry in both life and general insurance".
Instead of looking at it in isolation, there should be interaction with other FSA principles, he argued. "In the three-year TCF consultation period, a product life cycle came out time and time again that was important for the industry to bear in mind," he said.
Scott added there should be six consumer outcomes relating to TCF. They include consumers being confident firms have a culture of TCF; products and services are designed to meet the needs of consumers; consumers are kept informed before, during and after the point of sale; any advice given to the consumer is suitable; consumers are provided with the product and services they have been led to expect; and consumers do not face unreasonable post-sale barriers.
