FCA: Embedding TCF in the culture of a firm

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • FCA: Embedding TCF in the culture of a firm
  • Responsibility for TCF
  • TCF culture
  • MI and TCF
  • Responsibilities of providers and distributors
  • RPPD: Provider responsibilities
  • RPPD: Distributor responsibilities
  • FCA guidance, reviews and reports
  • Finalised guidance and thematic reviews
  • Case law and FCA enforcement

FCA: Embedding TCF in the culture of a firm

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Treating Customers Fairly (TCF) is a principles-based initiative. Under the regulatory regime authorised firms must pay due regard to the interests of their customers and treat them fairly (Principle 6—see PRIN) although firms are generally only required to apply the Principles in a way that is proportionate for that firm, the customers and products in question.

The Financial Conduct Authority's (FCA) Fair treatment of customers pages set out additional information on the FCA's approach to this area. Information created by the FCA's predecessor, the Financial Services Authority (FSA) remains relevant—eg the July 2006 publication, Treating customers fairly – towards fair outcomes for consumers, which sets out the six outcomes the regulator is expecting firms to deliver and the 2007 TCF—guide to management information. Introductory information relating to the Treating Customers Regime is in the Practice Note: FCA: Treating Customers Fairly—essentials.

While this initiative started under

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