Your TCF News About Us Feedback

 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.

From December 2008 TCF became 'business as usual' - this means that all firms selling mortgages must be able to demonstrate to the FCA that they are consistantly treating customers fairly. Effective MI will ensure you can do this.

Tips, tools and links

The TCF Info tips, tools and links below will help you:

  • check your current practice against FCA requirements
  • implement TCF principles in relation to MI if you’re not doing so already

Bear in mind that TCF Info tips and tools are guides only – you’ll need to adapt them to suit the needs of your particular business. It’s also best to check the detailed rules relevant for your business on the FCA website by using the links provided.

FCA Links