Treating customers fairly (TCF) was a key part in the Financial Services Authority's (FSA) move to more principle-based regulation.*  Although already part of the FSA's Principles for Businesses (Principle 6), in December 2008 the FSA introduced six new consumer outcomes.  All FSA authorised firms are expected to be able to demonstrate to the FSA and to themselves that they are consistently treating their customers fairly and delivering against all the TCF outcomes relevant to their business. 

Firms have to:

• demonstrate that senior management have instilled a culture within the firm whereby they understand what the fair treatment of customers means; where they expect their staff to achieve this at all times; and where (a relatively small number of) errors are promptly found by firms, put right and learned from;
• be appropriately and accurately measuring performance against all customer fairness issues materially relevant to their business, and be acting on the results;
• be demonstrating through those measures that they are delivering fair outcomes; and
• have no serious failings – whether seen through management information (MI) or known to us directly – including in areas of particular regulatory interest previously publicised by the FSA.
  
   

*The FSA has now concluded that 'It will judge firms on the outcomes and consequences of their actions not on the compliance with any given individual rule'. Given this philosophy, the FSA has determined a better strapline of 'outcomes-focused regulation' as opposed to principle based regulation. 

We are able to undertake an independent review and assessment of your completed outcomes to meet TCF requirements, giving you an indication of compliance with FSA requirements.