TCF 'not being fulfilled by financial firms'

02/04/2009

Many financial firms are failing their obligations under the treating customers fairly (TCF) system, new analysis has indicated.

Consultants at ProtoCall One fear that many advisers, brokers and banks are not fulfilling Outcome 1.

This part of TCF says that the firms' customers should be "confident" that they are "dealing with firms where the fair treatment of customers is central to the corporate culture".

A potential problem in how the various Outcomes contained within the TCF obligations were being communicated from managers to other employees was also flagged up by ProtoCall One.

Speaking to the news source, managing director Faraz Khan said that financial firms' ways of analysing their own data was sometimes lacking.

"Although most companies now have these metrics in place there is often no swift, dynamic or effective means of cross-analysing increasing volumes of data in order to firstly identify issues and negative trends and then to proactively fix them," he said.

"Most reporting systems either omit the culture, skills, behaviours and customer reactions, or treat them as isolated pieces and don’t take the systemic view."

TCF is overseen by Britain's financial regulator, the Financial Services Authority.

Tags; Debt Management and Banking, Young Family Finances, Recent Graduate Debt,

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