The FSA's "Treating Customers Fairly" (TCF) initiative is one of a number of the regulator's priorities to help "customers achieve a fair deal" and restore confidence in the financial services industry.  What TCF means in practice and how to achieve it is a decision that each firm must make, taking into account the specific nature of their own business.

There are 6 outcomes that a successful TCF policy will achieve:-

OUTCOME 1 : Consumers can be confident that they are dealing with firms where the fair treatment of their customers is central to the corporate culture.

OUTCOME 2 : Products and services marketed and sold in the retail market have been 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 also 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.

TCF is treated as a matter of the highest inportance.  From the start of the business in 1995, the TCF concept has been embedded within the strategic thinking of AFA.  Some examples:-

• Our financial advisers are not targeted to produce certain levels of business and are remunerated on a salaried basis.
• An initial fee in most cases eliminates potential product bias and our ongoing annual management fee encourages long term relationships - we are always looking to build mutually profitable, long term client partnerships.
• The compliance director sees an overview of every piece of business as it is submitted to ensure compliance with TCF principles.
• We pride ourselves on our communication - every client contact is important to us.

If you have any comments that you would like to make on your experience with AFA, please email glenn@afadirect.co.uk