TCF

Question 1

General analysis of TCF

Answer 1

TCF is treating customers fairly. Regulators aim to maintain efficient, orderly and clean markets to help retail customers achieve a fair deal.

Question 2

What are the 6 TCF outcomes?

Answer 2

Corporate culture
Marketing
Clear information
Suitability of advice 
Fair product expectations
Absence of post-sale barriers

Question 3

What is corporate culture?

Answer 3

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

Question 4

What is marketing?

Answer 4

Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and targeted accordingly

Question 5

What is clear information?

Answer 5

Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale

Question 6

Suitability of advice?

Answer 6

This is where consumers receive advice, the advice is suitable and take account of their circumstances

Question 7

Fair product expectations

Answer 7

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

Question 8

Absence of post-sale barriers

Answer 8

Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint