This eLearning course provides comprehensive training on the FCA's Treating Customers Fairly (TCF) initiative, which has been a cornerstone of the FCA's consumer protection agenda. While the FCA has more recently introduced the Consumer Duty, the principles of TCF remain fundamental to the expectations placed on financial services firms, and this course provides the essential foundation for understanding fair treatment of customers.
The course begins by explaining the background and purpose of TCF, including why the FCA introduced the initiative and the outcomes it was designed to achieve. It covers the six consumer outcomes that the FCA expects firms to deliver: fair treatment is central to the firm's culture, products and services are designed to meet the needs of customers, customers are provided with clear and relevant information, customers receive advice that is suitable for their circumstances, products and services perform as customers have been led to expect, and customers do not face unreasonable post-sale barriers.
The training addresses how TCF applies across the product lifecycle, from design and marketing through to sale and post-sale service. It explains the importance of management information and the need for firms to evidence that they are delivering fair outcomes. The course covers the governance arrangements that firms should have in place, including the role of senior management in setting the culture and overseeing the delivery of fair outcomes.
The course also addresses the relationship between TCF and the newer Consumer Duty, explaining how the principles of TCF have been built upon and strengthened by the Consumer Duty. Upon completion, learners will understand the TCF outcomes and principles and be equipped to apply them in their day-to-day interactions with customers, supporting their firm's commitment to fair treatment.
