‘TCF Initiative: Culture and Management Information’ is designed to help support the scheme as it becomes a key priority for the FSA’s work in the retail market. The first publication looks at the culture of firms in TCF and highlights positive and negative practice.
A framework is given that enables supervisors to assess the firms’ culture and develop TCF in a structured and in-depth way. Communication with middle management and front-line staff is encouraged.
The second publication is designed to help firms use management information to demonstrate that they are treating customers fairly. If a firm satisfies the FSA’s testing, it will reduce the level of testing carried out.
Sarah Wilson, director responsible for the TCF initiative at the FSA, said: “It is only through establishing the right culture that senior management can convert good intentions into fair consumer outcomes.”
John Watson, operational director at Northern Rock, said: “TCF is a very important aspect of our operation and has been for a long time.”
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