Treating Customers Fairly
Treating Customers Fairly (TCF) is a major issue for the financial services sector and therefore is uppermost in the minds of all the Association's participating organisations when acting as agents for clients.
The Financial Services Authority (FSA) is committed to TCF and includes it within their core supervisory work, making it an integral part of their ARROW risk assessment framework. The financial regulatory board has discovered that whilst lenders are largely complying with the regulations, they believe there is still some way to go in ensuring fair treatment for all borrowers who fall into arrears.
The FSA also wants to ensure that all complaints are dealt with fairly. Their guidelines for TCF state that any financial institution must be able to demonstrate:
- That they recognise and deal with complaints systematically and fairly.
- That their customers are aware of the complaints procedure.
- How they use complaint information to improve standards where appropriate.
Treating Customers Fairly
Whilst the Arrears Mediation sector is not directly regulated by the FSA, all organisations participating in the Association of Arrears Mediators fully recognise the importance of TCF, and each has implemented TCF policies that adhere to the Principles of Business and Required Outcomes as defined by the FSA.
If you would like copies of an individual member organisation's TCF Code of Conduct, please contact them directly using the telephone number provided on the Contact Us page.