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'Treating Customers Fairly' news
Tenet unveils TCF accreditation
29 February, 2008
Tenet is to launch an accreditation programme to help members in their adoption of 'Treating Customers Fairly' (TCF) principles.
The programme utilises a gap analysis questionnaire to consider ‘key performance indicators’ such as file reviews, persistency and complaints.
Tenet will then undertake a ‘red, amber, green’ assessment for each firm, with red or amber scores triggering relevant support action from Tenet field staff.
The questionnaire is then updated by member firms on a bi-monthly basis to keep a regular check on progress and shortfalls.
Tenet Group distribution and development director Keith Richards said: “Our accreditation programme is designed to give our members confidence that they are fulfilling their TCF obligations or help them identify and address areas of weakness.
"The issue of Treating Customers Fairly is quite subjective, which is also one of the challenges it poses to advisers. In recognition of this we have designed our questionnaire to reflect that firms can achieve the same results in a number of ways, often influenced by their business practices and size.
"Increased focus on TCF from an adviser perspective will ultimately lead to increased business opportunities, consumer benefit and a happy Regulator.”