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TCF Principles Checklist

Overleaf you’ll find excerpts from one of the many FREE checklists on the TCF Info website that

are designed to help you implement TCF

Go to www.tcfinfo.co.uk/principlesto view and download the full checklist for free

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Treating Customers Fairly

If you can answer ‘yes’ to the questions below and are confident that you have records toback up your answer then you’re probably implementing TCF. If the answer is ‘no’ or ‘notsure’ go to www.tcfinfo.co.uk, choose TCF Principles Checklist and follow the links to theguides, tips and tools at the end of each table to find out what action you could take tohelp ensure that TCF is implemented.

Sales and advice process

YES � NO �

•Has product training been provided for the products you’re offering?

•Do you/the sales person fully understand the products?

•Are you clear about any customer group these products wouldn’t be suitable for?

•Have you discussed several product options with the customer or just one?

•Is your sales channel suitable for the product the client is signing up to? (eg if the product is complex, can you offer advice?)

•If providing advice, have you completed a detailed Fact Find?

•Have you established your customer’s attitude to risk as part of your Fact Find?

•Are you satisfied that your customer can afford the product now and in the foreseeable future?

•Have you given the customer the ‘Keyfacts about our mortgage service’ (IDD) document?

•Have you provided the ‘Keyfacts about this mortgage’ or ‘KFI’?

•Are the above Keyfacts documents accurate and complete?

•Have you asked the customer whether they understand the documents you’ve provided?

•Are you satisfied that the customer understands the benefits and risks of the product they’re buying and the associated costs?

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

TCF Principles Checklist

Relevant links: Sales and advice ‘tips and tools’http://www.tcfinfo.co.uk/site/167/Sales_and_Advice.aspx

Mortgage sales and advice case studieshttp://www.tcfinfo.co.uk/mepasite/52/Case_Studies.aspx

Client contact and disclosure listhttp://www.tcfinfo.co.uk/site/175/Client_contact_log.aspx

TCF Principles Checklist

Relevant links: MI ‘tips and tools’http://www.tcfinfo.co.uk/site/100/Management_Information_MI.aspx

MI case studieshttp://www.tcfinfo.co.uk/site/127/MI_case_study.aspx

Management information (MI)

YES � NO �

Does your organisation keep statistics on the following key indicators:

•Volume of sales by product type

•Volume of sales by commission type

•Offer to completion rate

•Early redemption rate on limited period products

•Volume of complaints

•Complaints by adviser/product

•Complaints by other

•Percentage of complaints upheld/not upheld

•Percentage of complaints referred to Financial Ombudsmen Service (FOS)

•All of the above by broker/adviser/appointed representative

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

Are you making the most of your Management Information (MI)? An FSA reviewfollowing the March 2008 TCF MI deadline found that only 13 per cent of firms wereusing MI effectively to measure the fair treatment of customers – but they were confidentthat this could be corrected. In many cases it’s simply a question of adapting existing MI tomeasure TCF Outcomes. Use the MI checklist below and other free MI resources onwww.tcfinfo.co.uk to implement appropriate MI for your business.

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TCF Info is the free, user-friendly website to help

intermediaries with the FSA principle of ‘treating customers fairly’ (TCF).

Go to www.tcfinfo.co.uk/tips&toolsto access more free checklists, documenttemplates, and log sheets that will helpyou implement TCF principles withinyour business

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