TCF and FCF-Online How can help you generate MI you need to satisfy FSA requirementswww.fcf-online.com

Sources of Information for this presentation Treating Customers Fairly – towards fair outcomes for consumers JULY 2006 Treating Customers Fairly initiative: progress report MAY 2007 Treating customers fairly – guide to management information JULY 2007

Treating Customers Fairly Progress Report 2007 Key Messages All firms need to continue to focus on TCF. The March deadline has created helpful momentum so we are setting further deadlines in And we will be increasing the amount of our own FSA resources devoted to supporting and testing firms in meeting these deadlines. In future, where firms can demonstrate their own performance (and it’s good), there will be less scrutiny and therefore a regulatory dividend

Firms should be focused on delivering the six TCF consumer outcomes Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture Products and services marketed are sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale

6 outcomes (cont’d) Where consumers receive advice, the advice is suitable and takes account of their circumstances 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 Consumers do not face unreasonable post-sale barriers imposed by forms to change product, switch provider, submit a claim or make a complaint

Four TCF Phases PHASEINDICATORS AWARE Analysing the situation Identifying meaning of TCF Engaging staff STRATEGY & PLANNING Determining extent of any changes Articulating change Involving key players Gap analysis IMPLEMENTING Allocating resources and responsibility Developing on plans and processes Creating capability EMBEDDING Following up on implementation Continuous monitoring of TCF performance Commitment to maintaining standards in future

FURTHER DEADLINES SET 31 Dec 2008 All firms are expected to be able to demonstrate that they are consistently treating their customers fairly 31 March 2008 Firms are expected to have appropriate management information or measures in place to test whether they are treating their customers fairly

What embedding looks like Fair treatment of consumers is established throughout the firm – not just in systems and controls but in business culture including strategy, training remuneration and behaviours Recognition that the firm is engaged in a continuous process Adequate management information is available for the firm’s management to monitor TCF Improvement in the quality of the outcomes experienced by the firm’s customers TCF – towards fair outcomes for consumers (July 2006)

Management Information to demonstrate TCF “However, it is not possible for a firm to demonstrate that it is actually delivering the TCF consumer outcomes without some evidence”

Principles of good MI MI is information that is collected during a period of business activity. It may be about customers, staff, calls, visits, meetings, sales, opinions, parts of a process, predictions etc. MI is not just numbers. Quantitative data is valuable to any business, but the commentary or opinions are also MI and can help provide a comprehensive, balanced view. All information relevant to a firm, from whatever source, can be described as MI

Principles of good MI include TCF MI should generally focus on how far a firm is delivering the TCF consumer outcomes rather than measuring processes MI on customer satisfaction may be indicative of fairness. However, it does not demonstrate fairness. MI is not just about different parts of a firm telling each other things. It is about measuring performance and identifying potential risks

Reviewing MI SEEN – an appropriate level of management receives, understands and reviews the MI CHALLENGED – anomalous or unexpected results are challenged ANALYSED AND MONITORED – the right messages and conclusions are drawn from the data ACTED ON -where appropriate, actions are taken to remedy the situation, to investigate further and so follow up on those actions and RECORDED –records are made of what is done and information is subsequently gathered to enable the success of those actions to be assessed

So how can help? It is a web based tool that enables you to gather, analyse and track feedback from employees and/or customers It is not software – all you need is access to the internet It provides access to TCF statement library that has been based on the FSA cluster reports and the 6 consumer outcomes. You can use this library, make use of your own statements or a combination of both

Fcf-online (cont’d) Questionnaires are issued and their return tracked electronically. You can send out questionnaires manually if you prefer. You can set your own benchmark standards and rating scales to analyse your results Respondents can add their own comments to help explain the reasons for the ratings, where applicable

Fcf-online (cont’d) Results are analysed electronically and a report produced that provides complete visibility of results You can set up your approach to measure different individuals, teams and regions to suit your business structure You can perform analyses of overall results and can track performance from an individual to group level

Fcf-online (cont’d) Fcf-online offers a customer based module that means you only pay for the service you require Choice of payment methods including a single company multi-user licence. This will help satisfy the requirements of the FSA

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