TCF Info: Supporting mortgage brokers and intermediaries in the FSA principle of 'treating customers fairly' (TCF).
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 Sales and Advice

The FSA 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 FSA visits
  • a reduced risk of enforcement action by the FSA

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 FSA website (link also below) if you are unsure of any aspect of the MCOB rules for Sales and Advice.

Sales process tips
TCF customer statement
Record keeping checklist
IDD & KFI content checklist
Fact Find checklist
Product suitability checklist
Disclosure timings & TCF
Client contact log
After sales customer surveys

FSA Links

Small firms - actions and recommendations for improving quality of mortgage advice (opens in new window)
MCOB 4 – Advising and selling standards (opens in new window)

 
This site is owned and managed by Frank Eve Consulting Limited.
© 2006 TCF INFO
This site provides information for UK regulated mortgage intermediaries only and whilst TCF Info has made every reasonable effort to check the accuracy of the material, TCF Info cannot be held responsible for any inaccuracy or omission. All users should read the Terms and Conditions.