(TCF) Treating Customer Fairly

Treating Customers Fairly (TCF) and answering the question
of additional services offered by Brokers.

In today’s market, adding value to your Client’s cover and the service you provide is central to the role of the Broker. More than ever, Clients are looking for additional protection and support in the event of situations that may threaten their business. Brokers know their Clients – that is their job – and they are best placed to advise who will benefit from an Enhanced Claim Service. The following notes help to explain why changing how you provide for your client’s claims needs is not against regulation.

Is it unfair that some customers have to pay more for certain financial products or services?

The FSA view a firm’s decision to provide products (or not) and at what price (whether over the phone, internet or by email) as a commercial decision by that firm. Furthermore, to treat customers fairly does not mean that a firm is required to offer the same products or levels of service to all customers, as long as it delivers the product or level of service promised, and that customers are protected from unpleasant surprises from the products they buy.

(Source: FSA Website 15.8.2011 – Frequently Asked Questions – Q&A)

Fair Outcomes for Consumers – Key Drivers for the culture framework

  • 1deal with firms where the fair treatment of customers is a key part of the corporate culture;
  • 2are marketed and sold retail products that have been designed to meet their needs and are targeted accordingly;
  • 3receive clear information and are kept suitably informed before, during and after the point of sale;
  • 4receive suitable advice which takes account of their circumstances;
  • 5receive the product performance they have been led to expect by firms they deal with – and the service is both of an acceptable standard and as they have been led to expect;
  • 6do not face unreasonable post-sale barriers imposed by firms when they want to change product, switch provider, submit a claim or make a complaint

(Source: FSA Website 15.8.2011)

Claims Equilibrium Club (CEC) deals only with qualified Loss Adjusters who are CILA (Chartered Institute of Loss Adjusters) members and FSA authorised.

Our independent compliance advice from Branko Bjelobaba (copy available if requested) ensures that the service meets all FSA requirements and is an approved method of giving the appropriate claims advice to clients and charging them for it.

If you have any questions relating to regulatory matters, please do not hesitate to contact us.

Christine Thomson
General Manager