TCF Flashcards
General analysis of TCF
TCF is treating customers fairly. Regulators aim to maintain efficient, orderly and clean markets to help retail customers achieve a fair deal.
What are the 6 TCF outcomes?
Corporate culture Marketing Clear information Suitability of advice Fair product expectations Absence of post-sale barriers
What is corporate culture?
Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture
What is marketing?
Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and targeted accordingly
What is clear information?
Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale
Suitability of advice?
This is where consumers receive advice, the advice is suitable and take account of their circumstances
Fair product expectations
Consumers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and also as they have been led to expect
Absence of post-sale barriers
Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint