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 Sales and Advice

The FCA emphasises the need to embed TCF into the sales process by providing clear information and suitable advice before, during and after point of sale. This is set against a background of the increased range and complexity of mortgage products in the market, rising personal debt, and low consumer understanding of financial products.

Best practice in sales and advice – the benefits

Correct and appropriate sales benefit both you and your customer, leading to:

  • a fairer deal for customers
  • reduced fall-out rates
  • increased customer loyalty
  • customers recommending you to others
  • reduced cases of arrears
  • less time spent dealing with complaints
  • MI reflecting all of the above, which is likely to result in fewer FCA visits
  • a reduced risk of enforcement action by the FCA

As part of TCF, you need not to only to embrace best practice, but also to be able to evidence this through effective record keeping. In addition, the after sales customer surveys are designed to help you assess whether your customers felt they received clear information about your products and services.

Tips, Tools and Links

The TCF Info tips, tools and links below will help you provide a clear and fair sales and advice service, backed up by appropriate records.

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. Please refer to the FCA website if you are unsure of any aspect of the rules for Sales and Advice.