TCF stands for Treating Customers Fairly.
The FSB descibes it as follows:
Treating Customers Fairly (TCF) is an outcomes based regulatory and supervisory approach designed to ensure that specific, clearly articulated fairness outcomes for financial services consumers are delivered by regulated financial firms.
Firms are expected to demonstrate that they deliver the following 6 TCF Outcomes to their customers throughout the product life cycle, from product design and promotion, through advice and servicing, to complaints and claims handling – and throughout the product value chain:
From when does TCF apply?
There is no single ‘launch date’ planned for TCF implementation. Instead, the FSB is in the process of introducing TCF into both its regulatory and supervisory frameworks on a gradual, incremental basis.
How does it affect a consumer?
Financial firms have to comply with the TCF outcomes – some of which are already included in existing legislation such as the FAIS Act General Code. The Code already requires financial service providers to render services honestly, fairly, with due skill, care and diligence and in the interest of the client and the integrity of the financial services industry, which correspond with the TCF outcomes.
The main aim of TCF is to ensure that fair treatment of customers is embedded within the culture of financial firms.
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Please note that is only as a brief summary of the main provision of the Code and should not be relied upon as a legal document. There are many other provisions and exemptions under the Code. For more detailed information and the full Code please download the Code of Banking Practice.