The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The Financial Conduct Authority's (FCA) Principles for Businesses are a general statement of the fundamental obligations of firms under the regulatory system. Principle 6 requires that firms regulated by the FCA must pay due regard to the interests of customers and treat them fairly (see PRIN 2.1.1 R). This requirement covers those firms that are regulated only by the FCA as well as the conduct requirements of firms that are also regulated for by the Prudential Regulation Authority.
TCF is a concept that the FCA inherited from its predecessor, the Financial Services Authority (FSA). It remains a fundamental part of the expectations the FCA has in relation to firms’ conduct. Simply put it is code for the expectation that firms place their customers' well-being at the centre of decision-making when running their business.
The current regulatory structure (in which the FCA has a specific objective to protect consumers) places greater emphasis on Principle 6 and the concept of TCF. The FCA has made it clear that all firms need to pay greater attention to the impact of their actions on consumers.
The FCA believes that customers need to be able to expect to get financial services and products that meet their needs. It follows that firms are expected to differentiate in their offerings to different types of
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234