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TCF – self audit

You can download and use this adapted version of our TCF Principles Checklist to make periodic checks on TCF implementation in your business. If you’re just setting up it will help you implement TCF from the outset.

If the answer against a relevant activity is ‘yes’, you need to be able to provide evidence to back your answer up if asked. If it’s ‘no’ or ‘not sure’ you’ll need to take action to rectify this. Go to our Tips and tools pages for practical guidance (we’ve also added relevant links at the end of each section below). For any activity not relevant to your business simply insert ‘N/A or delete the row.

Advertising and promotional material

Review date:

Advertising and promotional material self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Is sales and marketing material (ads, leaflets, posters, direct mail) written using plain English?

     

Are jargon terms (eg ‘ASU’ ‘Variable rate’) fully explained?

     

Does the material carry the required warnings under FSA rules?

     

Do quoted APRs accurately reflect the costs of the product(s)?

     

Are restrictions/exclusions/opt-ins and opt-outs easy to pick out?

     

Are all charges, including any early redemption charges, made clear?

     

Does promotional literature make clear who the product’s most suitable for?

     

Are ads/direct mail letters always targeted at appropriate audiences?

     

Have you tested your promotional material with non-experts?

     

Does a compliance expert check all ads and promotional literature?

     

TCF summary status report for this period

Use this section to summarise current status, required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. For help on this topic go to the TCF Info ‘Tips and tools’ pages Financial promotions and TCF. *Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

Sales and advice process

Review date:

Advice and sales process self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Has product training been provided to all sales consultants for the products you’re currently offering?

     

Is your service and sales channel suitable for the products you currently sell (eg if the product is complex, can you offer advice?)

     

If providing advice, do your sales consultants always complete a detailed Fact Find?

     

Does your Fact Find establish the customer’s attitude to risk?

     

Does your Fact Find establish whether a customer can afford the product based on overall income and outgoings?

     

Does your Fact Find ask about likely future changes to income and outgoings?

     

Did you provide the ‘Keyfacts about our mortgage service’ (IDD) document to all customers this period?

     

Did you provide the ‘Keyfacts about this mortgage’ or ‘KFI’ for all mortgages sold this period?

     

Are you satisfied that your Keyfacts documents are accurate and complete?

     

Do you ask the customer whether they understand the documents you provide?

     

Are you satisfied that your customer agreements are clear and understood?

     

Do you ask your customers whether they understand a product before they buy it – including the benefits, risks and implications of any tie-ins?

     

TCF summary status report for this period

Use this section to summarise required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. For help on this topic go to the TCF Info ‘Tips and tools’ pages Sales and Advice *Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

Client contact information

Review date:

Client contact information self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Do you keep a copy of all correspondence with clients?

     

Could you retrieve this if asked?

     

Do you keep a record of the provision of Keyfacts documents?

     

Do you keep a note of telephone and meeting conversations and could you retrieve these?

     

Do you keep in contact with your client after you’ve sold them a product?

     

Do you record the above contacts?

     

TCF summary status report for this period

Use this section to summarise required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. For help on this topic go to the TCF Info ‘Tips and tools’ pages Sales and Advice. *Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

Complaint handling

Review date:

Complaint handling self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Does your business have a complaints handling department or specialist?

     

Do you log complaints by type/nature?

     

Are you achieving FSA turnaround standards for complaint handling?

     

Are you reporting complaints in line with FSA requirements?

     

Do you have a system that helps you to take action to change the way you operate in response to complaints?

     

Does the business owner or senior management (larger firms) review complaint statistics?

     

Do you encourage your staff to suggest changes which will avoid/reduce complaints and support TCF?

     

TCF summary status report for this period

Use this section to summarise required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. For help on this topic go to the TCF Info ‘Tips and tools’ pages Complaints.*Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

TCF staff training/awareness

Review date:

TCF staff training/awareness self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Is TCF written into your organisation’s stated values/aims?

     

Has the TCF message been affirmed/communicated to staff by the business owner/senior management during this period?

     

Have all your staff received information and/or relevant training in the principle of TCF?

     

Have all your staff received information and/or relevant training in the principle of TCF? If asked, could you provide information to confirm the above?

     

TCF summary status report for this period

Use this section to summarise required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. For help on this topic go to the TCF Info pages ‘Tips and tools’ TCF Training. *Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

Remuneration/incentives

Review date:

Remuneration/incentives self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Do you have a TCF staff awards programme?

     

Do you have service standards that encourage TCF?

     

Is remuneration of sales staff linked to TCF (whether positively or negatively)? If not have you considered this option?

     

TCF summary status report for this period

Use this section to summarise required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. For help on this topic go to the TCF Info pages Remuneration/incentives - Case Example *Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

Management information

Review date:

Management information self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Does your business keep and review key statistics such as:

     

Volume of sales by product

     

Volume of sales by repayment method

     

Volume of sales by status (full or self cert)

     

Volume of sales by commission type

     

Offer to completion rate

     

Early redemption rate on limited period products

     

Volume of complaints

     

Complaints by adviser

     

Complaints by product

     

Complaints by other

     

Percentage of complaints upheld/not upheld

     

Percentage of complaints referred to Financial Ombudsmen Service (FOS)

     

Do you keep ‘qualitative’ MI such as in the examples below:

     

Documented TCF strategy/plan – with periodic updates based on FSA/customer feedback

     

Minutes evidencing monthly review of TCF MI by the business owner or senior management and/or TCF Committee or Champion and actions taken in response

     

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

     

Customer feedback surveys

     

Evidence of TCF in periodic staff newsletters and other events/communications

     

TCF summary status report for this period

Use this section to summarise required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. For help on this topic go to the TCF Info ‘Tips and tools’ pages Management Information. *Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

Risk assessment of TCF non compliance

Review date:

Risk assessment of TCF non compliance self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Do you have a process for monitoring TCF standards amongst appointed representatives off site?

     

Has this been maintained during this period?

     

TCF summary status report for this period

Use this section to summarise required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. *Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

Product understanding

Review date:

Product understanding self audit

Yes*/No/Not sure and/or comment

Action by

Next review

Are you happy that your sales staff understand current product literature and/or the most recent product training?

     

Do you have a procedure for challenging literature/products if you find them unclear or inappropriate – or if there are points on which you are unsure?

     

Could you demonstrate this if asked?

     

TCF summary status report for this period

Use this section to summarise required actions, deadlines and next review date. For larger firms this part of the report could be used as part of your regular TCF MI reports to senior management. For smaller firms it will form part of your qualitative MI. *Remember, where you answer ‘Yes’ you’ll need to provide evidence if asked.

Note: when you download this document you’ll need to copy and paste each section into a separate Word document.

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