Weaving customer fairness into the fabric - Embedding treating customers fairly into financial services providers
TCF (Treating Customers Fairly) is a regulatory and compliance framework aimed at increasing customers’ confidence in financial service providers. The Financial Service Board (FSB) has issued guidance relating to the Treating your Customer Fairly (TCF) standards within the South African market. Based on this current guidance it is anticipated that these standards will require financial service organisations to comply from 1 January 2014.
TCF and other market conduct-based regulations are driven along key principles that seek to address the consistent delivery of fair consumer outcomes. Our experience has shown us that these outcomes seek to ensure that product and processes within the product life-cycle in an organisation are assessed for fairness and remediated.