Treating customers fairly—quality of advice and other key concepts
Produced in partnership with Jeanette Burgess of Walker Morris

The following Financial Services practice note produced in partnership with Jeanette Burgess of Walker Morris provides comprehensive and up to date legal information covering:

  • Treating customers fairly—quality of advice and other key concepts
  • What is Treating Customers Fairly?
  • Responsibility for implementing TCF
  • Quality of advice
  • Training and Competence
  • Know your customer
  • Retail v wholesale?
  • Responsibilities of providers and distributors for the fair treatment of customers
  • Providers
  • Distributors
  • More...

Treating customers fairly—quality of advice and other key concepts

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.

What is Treating Customers Fairly?

Treating Customers Fairly (TCF) is a fundamental principle underpinning the Financial Conduct Authority’s (FCA) regulatory regime. It is embodied in Principle 6 of the FCA's Principles for Business which states that 'a firm must pay due regard to the interests of its customers and treat them fairly'.

The FCA has identified six outcomes which firms should aim to achieve in delivering TCF:

  1. Outcome 1—consumers should be confident that they are dealing with firms where the fair treatment of customers is central to corporate culture.

  2. Outcome 2—products and services marketed and sold in the retail market should be designed to meet the needs of identified consumer groups and targeted accordingly.

  3. Outcome 3—consumers should be provided with clear information and be kept appropriately informed before, during and after the point of sale.

  4. Outcome 4—where consumers receive advice, that advice should be suitable and

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