Treat customers fairly

By Ian Mason and Denis Whelan, Barlow Lyde & Gilbert

TOWARDS fair outcomes for consumers is the UK Financial Services Authority’s (FSA’s) recently published progress report on the financial services industry’s compliance with its treating customers fairly (TCF) initiative. TCF is the FSA’s flagship policy, so it is not surprising it is committed to monitoring carefully the implementation of TCF strategies. The FSA has still not provided a precise definition of TCF, and there is no indication that it intends to do so.