Treating Customers Fairly (TCF) is central to financial regulation for consumer credit within the UK. The FCA has made it clear that the principles within TCF guidelines have high urgency in terms of monitoring and application. The FCA requires that all businesses it regulates to comply with their provisions on Treating Customers Fairly (TCF) and on focusing on good consumer outcomes within all parts of their business culture and that management are expected to lead on treating customers fairly.
Orchard Lease and Finance Ltd © ( OLAF)©and its subsidiaries including Leasetree © and Leasewiz © are a broker and not a lender and are committed to following these principles.
Introduction to FCA Principles
TCF is about putting responsibility on companies – particularly financial service industry companies to deliver a fair outcome to consumers. It is not however, intended to be restrictive on the business or overly onerous to implement.
TCF is designed to ensure the business puts the interests of the customer at the heart of their business and that decisions and actions are based on the central principles.
TCF is key to 5 of the principles found in the Financial Conduct Authority (FCA) Handbook :
TCF is not a bolt on and neither is it a check box to be completed – its designed to be part of the fabric of your business and important to all aspects all of the business. The concepts of TCF should be in every step of sales process, from staff training to the clear information and the financial products offered and supplied to the customer, as well as resolving any issues which a customer may have.
OLAF Ltd is limited to supplying information to prospects and customers and effecting contact between end customers and brokers or lenders. We do not take or retain customer’s money, nor are we lenders. OLAF is designed to sift through our partners offers and provide the best deals available in order to introduce customers to potential brokers and lenders. While the nature of OLAF’s business by definition restricts how much OLAF is responsible for outcomes through the entire buying chain we seek to uphold and apply the principles of TCF in all that we do.
In essence we seek to take the core messages of fairness, honesty and integrity and to apply them to any customer interactions.
How did the FCA design TCF and what outcomes are required?
The FCA established a framework of outcomes which are designed to give businesses guidance on what principles to apply, what behaviours to encourage and entrench and what outcomes from a consumer perspective should be enjoyed.
Essentially the FCA want businesses to:
Give the customer what they have paid for whilst ensuring that the customer fully understands the product(s) offered
Terms and conditions need be as clear and easy to understand as possible
Significant exclusions/terms should be highlighted
Using these principles, the FCA expect six outcomes for consumers:
OLAF Ltd commits to using appropriate management information, staff training, process controls, documentation and standards in order to meet both the principles and the desired outcomes in order to Treat Customers