Culture and values – MI and actions
(Outcomes 1)

Review period:

Data measured (MI)

What this MI shows

Target

(Set by your firm. Should be what your firm believes will demonstrate TCF in relation to the six consumer outcomes)

Result

Actions

(Where target not met indicate how root cause will be investigated and recommended timescales for remedial action)

Percentage of staff who’ve completed general TCF training – sales and non-sales

May be indicative of TCF awareness and a TCF culture and communication strategy.

Percentage of staff who’ve completed additional TCF training specific to their area

As above – likely to further enhance TCF awareness and the development of a TCF culture and embeddedness.

Number of consultants who received retraining following high volumes of complaints/file fail checks

May be indicative of TCF awareness and a TCF culture – firm is routinely identifying and acting on TCF issues.

Number of TCF goals in place by business area (advice, complaints, advertising, after-sales service)

May be indicative of TCF awareness and an embedded TCF culture.

Number of sales/non-sales staff rewarded for meeting TCF targets?

As above

Number of staff rewarded for suggestions to improve service (whether following complaints or otherwise)

As above

Culture and values – qualitative MI – Current practice

Review period:

Nature of qualitative MI

What this MI shows

Current practice

(Use this section to confirm what sorts of TCF activity are embedded into your current practice – you can of course add to the table if necessary. If you’re a sole trader your approach won’t be as formal, however you could use this section to document what general processes you have in place to ensure that you meet the six consumer outcomes.)

Actions

(Where current practice doesn’t reflect a culture of TCF, note timescales & assign responsibility for remedial action.)

Documented TCF strategy/plan

Senior management/business owner commitment and strategy.

TCF MI reports, regular minutes of meeting, reporting structures and review processes.

Embedding of TCF culture and use of TCF MI is being identified, reviewed and acted on.

Minutes evidencing regular review of TCF MI by senior management/business owner/TCF Committee and actions taken in response

Embedding of TCF culture and use of TCF MI is being identified, reviewed and acted on.

Staff surveys/opinions on how TCF is working and on how it could be improved

Captures staff perception of how fairly a firm treats its customers. Further evidence of embedding of TCF culture.

Incentive schemes linked to TCF – sales and non-sales staff

Embedding of TCF in the firm’s culture – staff are encouraged to actively support TCF

Periodic surveys test customer understanding of products/service received Documented process for assessing impact on customers before product change or strategic change (relevant for larger firms)

Evidences that the firm tests its effectiveness in delivering TCF – in Any adverse impact that could result from a change will be identified and addressed.

The firm has a strategic commitment (documented) to avert major TCF risks/failings through ongoing scrutiny of sales targeting of products

Firm’s commitment to prevent major TCF failings – such as endowment mis-selling.