Management Information (MI)

What is MI?

Put simply, MI is data or statistics which is collected and used to measure performance in given areas of a business - and drive change for improvement where needed.

MI and TCF

The FSA set a deadline of the end of March 2008 for firms to have appropriate MI or equivalent measures in place to test whether they are treating their customers fairly.

Now that the deadline has passed, as part of TCF you need to be able to show how you are using MI to:

• measure progress in implementation of the TCF principle
• take action to improve procedures/customer service where required
• monitor the outcome of remedial action, which in turn should evidence improved standards and therefore fairer treatment of customers 

Bear in mind that TCF MI is about much more than simply analysing data on consumer satisfaction - a ‘satisfied’ customer may not always have been treated fairly.

The next FSA deadline is the end of December 2008 - by which time you must be able to show that TCF is embedded into your everyday business and that you are consistently treating customers fairly. Effective MI will ensure you can do this.

FSA Links

FSA MI Case Study (opens new window)
FSA MI Cluster Report, 2006 (opens new window)
FSA MCOB record keeping rules (opens new window)
FSA ICOB record keeping rules (opens new window)