Are you monitoring customer outcomes?

The FCA has implemented six customer outcomes that it expects firms to have at the forefront to achieve fair treatment of customers.

  • Customers can be confident that they are dealing with firms where fair treatment of customers is central to the corporate culture.
  • Products and services marketed and sold in the retail markets 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.
  • 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 has the have been led to expect
  • Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim and make a complaint

Firms should monitor their performance in relation to these outcomes and best practice would be to evidence adherence to the six customer outcomes on an on-going basis.

Providers and distributers should consider the impact of their action on the customer in various stages of the product life cycle. For example, addressing the fair treatment of customers during the sales and advice processes and complaints handling.

I have worked with many firms to implement an outcomes dashboard; it is imperative that firm’s ‘leadership’ and ‘TCF culture’ is central to the success of their firm’s outcomes.

If you need a sense check of your existing TCF management information procedures, please speak to your local Regional Business Manager who would be more than happy to assist.

About the author

Kirk joined RWA in 2015, having worked in the financial services sector for many years. He started out in both the general insurance and mortgage advice arms of HSBC, before becoming the Compliance Officer at Go Compare and Training & Competence Manager at Optimum Credit. 

At RWA, Kirk is Deputy Head of Compliance. He supports RWA clients by looking after their compliance, training and competence needs and keeping them up to date with regulatory changes. He promotes the achievement of fair customer outcomes and specialises in designing and implementing T&C schemes for firms of all sizes.

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