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Management Information (MI)

TCF MI – getting started

Purpose of the MI data

The MI data you collect as part of your TCF strategy must be able to help you measure performance against:

  • your firm’s stated objectives in relation to TCF
  • internal service standards you’ve set that are relevant to TCF
  • FCA rules/standards that aim to protect the interests of consumers

Do all firms need to gather the same data?

No. The data relevant for TCF in your business will depend on its size and how you operate in the mortgage market place. It’s down to the management of your firm to decide what MI is needed, however the FCA has identified the following areas as being potentially relevant:

  • sales
  • after sales service
  • complaints handling
  • marketing, advertising and financial promotions
  • culture and values
  • business strategy *
  • product design and governance *

* more relevant for larger firms and lenders

Identifying and gathering TCF MI

To make a start you’ll need to:

  • decide which areas above are relevant for TCF in your business
  • within each, decide what you need to measure to assess TCF performance (our TCF MI checklist will help you do this)
  • start gathering the data if you’re not doing so already

TCF shouldn’t require you to collect substantial amounts of new MI – for the most part you’ll simply need to think differently about the data already available to you.

Creating an MI Plan

You’ll also need to create an MI plan which documents:

  • which TCF MI you’re gathering, why and how
  • how frequently the TCF MI (including summary reports) are produced and circulated, and by whom
  • who they are circulated to (this will need to include senior management)
  • how issues raised by the MI will be prioritised, escalated and followed up

The complexity of your plan will vary according to business size. If you’re a small operation it can be kept at a simple level. Our TCF Info MI Case Study shows how you might prepare an MI Plan relating to complaints and cancellations.

For more background information on TCF MI read our related page TCF MI - key principles.