TCF Info News - Issue 1
Welcome to the first issue of TCF Info News, where we’re pleased to announce the latest developments to the TCF Info website – including our new Sales & Advice Tips & Tools and Self Certification Case Study sections - and offer an overview of latest FSA discussion documents, observations and deadlines for implementing TCF.
Remember, the TCF Info website is packed with practical guides, tips and tools to help you understand and implement TCF in your business - and you can download and ‘own brand’ any of our checklists and letter templates for free. To find out what others have found useful read the section Top 10 downloads below.
Hot Topic
FSA discussion paper 'The responsibilities of providers and distributors for the fair treatment of customers'
The FSA is seeking your feedback by December 29 on a discussion paper looking at the relative responsibilities of providers and distributors in relation to TCF. Go to our new Hot Topics section to read an overview and link to the full detail.
New TCF Info content
New Sales & Advice Tips and Tools section offers practical guidance on TCF at point of sale
Our new Sales & Advice Tips and Tools section offers a range of guides and checklists to help you implement TCF at point of sale. Shaped in response to the FSA’s latest findings on TCF weaknesses in this area - especially in relation to disclosure, suitability of advice and record keeping - it includes:
- Sales process tips – ideas on how to embed TCF into your everyday sales process, supported by download leaflets and checklists
- TCF customer statement – example wording promoting TCF that you can include in welcome/marketing material you offer to your customer
- Record keeping checklist – an ‘at a glance’ list of the records you need to keep during the sales process
- IDD & KFI content checklist – an overview of the most common mistakes identified by the FSA when reviewing disclosure documents
- Fact Find checklist - to help you identify and plug gaps in your information gathering process which may compromise TCF, including suggested additional questions
- Product suitability checklist – a handy guide for adaptation and use by sales consultants to record why they recommend a particular product
Sales & Advice Tips and Tools also now houses our popular download Client contact and disclosure log – a simple paper solution for recording client contacts and provision of disclosure documents.
Self Certification Case Study
Our concise, no nonsense TCF ‘Case Examples’ outline common practices that can compromise TCF, as well as practical solutions to change behaviour. Check out our new Self Certification Case Example which we’ve produced in response to strong FSA concern about sales practices in this area. (We’ll also be launching a MPPI Case Example in the very near future.) To view the full range of case studies, go to TCF Case Studies.
*New feature - you can now download all of our case studies for training purposes.*
TCF Implementation deadline – March 2007
The FSA has set the end of March 2007 as the deadline for firms to have reached the implementation stage of TCF. What does this mean for your business? Read the detail in our new section TCF deadlines and progress monitoring.
Desired consumer outcomes for TCF
The FSA has identified six ‘desired consumer outcomes’ for TCF. The way your business operates on a day to day basis will determine whether or not you’re meeting these desired outcomes and, in turn, whether you’re implementing TCF. Find out more in our updated section What is TCF?
Top 10 downloads
TCF principles checklist
Example TCF objective statement
Product training log
Complaints procedure flow chart
Client contact and disclosure log
Remuneration and incentives case study
MI checklist
Complaints resolved within one business day log
Financial promotions checklist
Recommendation following complaint log
New feature - you can now download all of our Case Studies for training purposes.
Thank you!
We’d like to thank you for the many complimentary remarks we’ve received about our site. We plan to carry out market research in the near future to find out what else you’d like to see added.
In the meantime TCF Info will continue to offer you practical and user-friendly guidance on how to implement Treating Customers Fairly in your business, along with updates on key topics under debate.
