Treating Customers Fairly -TCF
Here at Professional Vehicle Solutions Ltd, we take Treating Customers Fairly (TCF) very seriously. All firms regulated by the Financial Conduct Authority (FCA) must pay due regard to the interests of its customers and as a consequence, TCF is an integral part of our culture and is embedded in all areas of our business from systems and controls to training, remuneration and staff behaviour.
The principles of TCF are not new and are part of existing regulatory requirements. They aim to raise standards by introducing a series of changes that will benefit consumers and increase their confidence in the financial services industry.
As TCF is not a ‘one-size-fits-all’ concept, we have put together some information on what TCF means to us including what you can expect from us, how we deliver this, what is expected of you and what to do if you feel you have been treated unfairly.
What does treating customers fairly (TCF) mean?
The FCA has outlined six outcomes as part of TCF. These include:
Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and as they have been led to expect.
Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
What you can expect from us
TCF is an integral part of our business culture and we are continuously working to ensure customers are treated fairly. As a result, you can expect the following services when dealing with us:
Clear, fair and transparent pricing
Continual monitoring of competitive market to ensure consumers achieve value for money
Fair and quality advice from our experienced sales team based on customer needs, priorities and circumstances
Clear and transparent information regarding our fees in our Initial Disclosure Document
Continual advice and support throughout all stages of the product life-cycle
Clear and jargon free information on the product with adequate opportunity for customers to ask questions
After-sales information and services including contract reminders, product updates and help and advice regarding additional services
Full complaints handling procedure
How we work to deliver this
TCF is a continuous process and we’re implementing many process throughout the business to ensure we comply. These include:
Continual investment in internal systems to improve communication and processes
Robust training and competence programmes to support sales staff and ensure they understand the target market
Giving customers access to clear and jargon free information on the products and services provided
Regular internal audits by senior management to measure and monitoring TCF performance
Undertaking gap analysis to highlight areas where improvements can be made
Regular audit of telephone and electronic correspondence to ensure quality of advice
Collecting qualitative input from customers and staff to develop a range of metrics to measure progress and monitor performance
Regularly reviewing FCA material and attending workshops and conferences
What is expected of you?
In order to deliver the best possible service, we rely on you (the Customer) to also play your part. An efficient service relies as much on capable and confident consumers as it does on the firms who are committed to treating customers fairly. When dealing with us, we expect you to:
Engage with us properly and provide accurate information
Raise questions if you are uncertain about any aspect of the product or service
Read advertisements and other material carefully
Read any suitability letter and ensure that it properly reflects the discussion
Use cooling off periods to consider whether to go ahead
Review your financial needs on a regular basis and consider taking further advice when circumstances change
Acknowledge that some financial products or services being provided may involve market risk for the buyer, such as stock market movements and interest rate rises
Complain to us if you perceive unfair treatment and give us the opportunity to resolve your complaint in a timely manner
What do you do if you feel you've been treated unfairly
A critical element of TCF is how we handle customer complaints. It is our aim to provide a very high standard of service to every client but on occasion, things do go wrong. If you have a complaint about any aspect of our service, we would like to hear from you.
To help us investigate and resolve your concerns as quickly as possible, you should contact our Customer Services team on 01625 871555 or email contact@pvsol.net . A full explanation of how we will deal with your complaints and what to do if you think your complaint has not been resolved to your satisfaction is in our Complaints Procedure.
If you have a regulated consumer contract with us and are not satisfied with our final response, you may be eligible to refer the matter to the Financial Ombudsman Service. You must do this within six months of our final response and we will also provide you with a copy of the Financial Ombudsman Service’s explanatory leaflet when we send our final response.
