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Product providers misusing TCF, says Milburn

Some product providers are using treating customers fairly as a marketing tool to increase business volumes without signing up to the principles behind the initiative, claims Munich Re.

Head of marketing Andy Milburn has hit out at pro- viders for misusing and mis- understanding TCF and instead seeing it primarily as a sales tool.

He says: “There is still a lack of understanding over TCF. It is almost like branding rather than a set of rules. Some people do not get it, some try to avoid it and some use it to add credibility to what they were doing, regardless of whether what they are doing is TCF-compliant or not.”

Milburn says it is time for the industry to challenge firms which misuse the TCF principles and for the FSA to demonstrate its effectiveness.

He says: “We have not seen the FSA come out with a review of how successful TCF has been, how firms have adapted to it and examples of how it has improved things. The industry has invested a huge amount of resources, time and effort in TCF, so we need to know what impact it has had.”

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