What is TCF?
As the name suggests it is a policy aimed at ensuring that all companies within the financial industry ‘treat their customers fairly’. To comply with the policy all firms will need to demonstrate that it meets the six principles, or what is being termed “fairness outcomes”
The TCF (‘treating customer fairly’) principles aim to put customers at the heart of their business, and to help build consumer confidence in the financial services industry as a whole in South Africa.
Specifically TCF aims to:
- help customers fully understand the features, benefits, risks and costs of the financial products they buy
- minimise the sale of unsuitable products by encouraging best practice before, during and after a sale
Desired consumer “fairness outcomes” of TCF
The Financial Sector Conduct Authority (“FSCA”) has outlined six core consumer outcomes that it wishes to see as a result of the TCF initiative. These are:
- 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
How is FinBofs Dot Com (Pty) Ltd implementing TCF?
As always, we are focussed on ensuring our valued client’s best interests are looked after, both before, during and after a product is sold. On an operational level this is found within our numerous Policies and Procedures; with particular TCF focus being placed on:
- Training – expert product training at point of sale as well as internally to ensure that the best product selection and product is provided to clients
- Clients Complaints – a constant monitoring and feedback loop to all parties involved, to ensure our product and claims administration is relevant and appropriate to the ever changing financial services industry
- Accessibility – ensuring open channels of communication throughout the product selection process, product sales process, after sales process as well as claims and queries processes to allow clients the opportunity to understand, communicate and provide us with feedback in relation to products sold.
Complaints and Feedback
At all times, FinBofs Dot Com (Pty) Ltd will strive to be the leaders in client satisfaction. As mentioned above, monitored processes have been put in place in order to effectively handle any complaints, which may arise and to ensure that all feedback is handled professionally and as quickly as possible. We look forward to your feedback so that we may continue to meet and surpass all customer expectations by delivering professional and unquestionable service levels in an ethical, fair and compliant manner.