Treating Customers Fairly (TCF) Obligations.

Although a secure route to compensation undoubtedly provides peace of mind, surely the primary aim is to be confident of not having to seek redress in the first place?

The Financial Conduct Authority (FCA) fully recognise this and in doing so have recently introduced their TCF initiative in which all authorised firms must, as well as evidencing other standards ensure that:

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

What this boils down to is the necessity to ensure that meeting the customer's best interests, as against those of the business, is the priority in any service provided.*

Failure to meet this primary obligation risks a heavy fine from the FCA, withdrawal of authorisation and even prosecution of the firm's partners or directors.

Over 90% of all FCA authorised financial advisers are or will be assessed by the FCA under this initiative.

*See http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/122.shtml for a current example of TCF enforcement in action.

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