TCF and FCF-Online

How www.fcf-online.com can help you generate MI you need to satisfy FSA requirements

Sources of Information for this presentation

Treating Customers Fairly – towards fair outcomes for consumers JULY 2006

Treating Customers Fairly initiative: progress report MAY 2007

Treating customers fairly – guide to management information JULY 2007

Treating Customers FairlyProgress Report 2007Key Messages

All firms need to continue to focus on TCF. The March deadline has created helpful momentum so we are setting further deadlines in 2008. And we will be increasing the amount of our own FSA resources devoted to supporting and testing firms in meeting these deadlines.

In future, where firms can demonstrate their own performance (and it’s good), there will be less scrutiny and therefore a regulatory dividend

Firms should be focused on delivering the six TCF consumer outcomes

Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture

Products and services marketed are sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly

Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale

6 outcomes (cont’d)

Where consumers receive advice, the advice is suitable and takes account of their circumstances

Consumers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and as they have been led to expect

Consumers do not face unreasonable post-sale barriers imposed by forms to change product, switch provider, submit a claim or make a complaint

Four TCF Phases

PHASE INDICATORS

AWAREAnalysing the situation

Identifying meaning of TCF

Engaging staff

STRATEGY & PLANNING

Determining extent of any changes

Articulating change

Involving key players

Gap analysis

IMPLEMENTINGAllocating resources and responsibility

Developing on plans and processes

Creating capability

EMBEDDINGFollowing up on implementation

Continuous monitoring of TCF performance

Commitment to maintaining standards in future

FURTHER DEADLINES SET

31 Dec 2008

All firms are expected to be able to demonstrate

that they are consistently treating their customers fairly

31 March 2008

Firms are expected to have appropriate

management information or

measures in place to test whether they are

treating their customers fairly

What embedding looks like

Fair treatment of consumers is established throughout the firm – not just in systems and controls but in business culture including strategy, training remuneration and behaviours

Recognition that the firm is engaged in a continuous process Adequate management information is available for the firm’s

management to monitor TCF Improvement in the quality of the outcomes experienced by the

firm’s customers

TCF – towards fair outcomes for consumers (July 2006)

Management Information to demonstrate TCF

“However, it is not possible for a firm to demonstrate that it is actually delivering the TCF consumer outcomes without some evidence”

Principles of good MI

MI is information that is collected during a period of business activity. It may be about customers, staff, calls, visits, meetings, sales, opinions, parts of a process, predictions etc. MI is not just numbers. Quantitative data is valuable to any business, but the commentary or opinions are also MI and can help provide a comprehensive, balanced view. All information relevant to a firm, from whatever source, can be described as MI

Principles of good MI include

TCF MI should generally focus on how far a firm is delivering the TCF consumer outcomes rather than measuring processes

MI on customer satisfaction may be indicative of fairness. However, it does not demonstrate fairness.

MI is not just about different parts of a firm telling each other things. It is about measuring performance and identifying potential risks

Reviewing MI

SEEN – an appropriate level of management receives, understands and reviews the MI

CHALLENGED – anomalous or unexpected results are challenged

ANALYSED AND MONITORED – the right messages and conclusions are drawn from the data

ACTED ON -where appropriate, actions are taken to remedy the situation, to investigate further and so follow up on those actions and

RECORDED –records are made of what is done and information is subsequently gathered to enable the success of those actions to be assessed

So how can www.fcf-online help?

It is a web based tool that enables you to gather, analyse and track feedback from employees and/or customers

It is not software – all you need is access to the internet

It provides access to TCF statement library that has been based on the FSA cluster reports and the 6 consumer outcomes. You can use this library, make use of your own statements or a combination of both

Fcf-online (cont’d)

Questionnaires are issued and their return tracked electronically. You can send out questionnaires manually if you prefer.

You can set your own benchmark standards and rating scales to analyse your results

Respondents can add their own comments to help explain the reasons for the ratings, where applicable

Fcf-online (cont’d)

Results are analysed electronically and a report produced that provides complete visibility of results

You can set up your approach to measure different individuals, teams and regions to suit your business structure

You can perform analyses of overall results and can track performance from an individual to group level

Fcf-online (cont’d)

Fcf-online offers a customer based module that means you only pay for the service you require

Choice of payment methods including a single company multi-user licence.

This will help satisfy the requirements of the FSA

WANT TO KNOW MORE

VISIT www.fcf-online.com PHONE -01361 884 316 EMAIL –info@fcf-online.com Would you like a free 30 day trial?

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