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Consulting Consortium launches TCF assessment tool

The Consulting Consortium has launched a treating customers fairly diagnostic tool to help advisers measure their progress against the six FSA consumer outcomes.

TCF Frame-worker helps financial services firms assess their TCF performance and collection of management information.

The Consulting Consortium managing director Joanne Smith says: “Firms cannot afford to ignore any discrepancies or weaknesses in their TCF policies. Many firms are still confusing customer satisfaction with treating customers fairly. This isn’t an acceptable measure as the majority of consumers are unlikely to realise they’ve received flawed advice.

“In the meantime, firms also need to ensure they thoroughly review every piece of TCF guidance and information they receive from the FSA in the coming weeks between now and Christmas.”

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