We are now well and truly into the implementation phase of the Financial Services Authority’s (FSA) ‘Treating Customers Fairly’ (TCF).
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There’s been a lot of press coverage on the changes, customer outcomes versus sales processes, principles rather than rules, changes all designed to help us to meet our client’s needs better. But what does it really mean? TCF is not new; we have recognised the value of putting the customer at the heart of our business since the early 1990s. The more we can meet the needs of the client, the better the potential for retention and referrals. The TCF initiative simply sets out what is expected.
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For a network, there are plenty of implications of the new regulatory frame work. Not only do we have two sets of customers – our brokers and their clients – but there is also the need to work with partners to ensure the products and services we provide meet the FSA’s outcomes.
For a broker, embracing the principles means an opportunity to create a business with a competitive advantage, offering high service standards that encourage repeat business.
It’s clear that the role of a network is to help members develop their business. TCF plays an important role, not only in helping the business meet its regulatory obligations, but using the outcomes to make the broker stand head and shoulders above their competitors.
