Which FCA principle is TCF?
Principle 6
Another key principle of the FCA regime – and one that all regulated firms must follow in all their consumer credit activities – is Principle 6 “a firm must pay due regard to the interests of its customers and treat them fairly”. This is commonly referred to as Treating Customers Fairly or ‘TCF’.
What is TCF guideline?
TCF is a regulatory framework set by the Financial Sector Conduct Authority (FSCA). This framework governs the way an FSP business conducts daily dealings with its clients ensuring that all clients are treated fairly, during all stages of the product life-cycle and advice process.
What is a TCF pack?
Treating Customers Fairly (TCF) is a key principle set by the national financial regulator the Financial Conduct Authority (FCA) to ensure that customers are treated fairly. By adopting the TCF principle we recognise that fair treatment of our customers will add value to the services we offer.
What are the 6 principles of TCF?
The six outcomes of TCF are.
- 1 Culture and Governance. Clients are confident that they are dealing with firms where the fair treatment of customers is central to the firm culture.
- 2 Product Design.
- 3 Clear Communication.
- 4 Suitable Advice.
- 5 Performance and Standards.
- 6 Claims, Complaints and Changes.
Is Barclays FCA regulated?
Barclays Investment Solutions Limited is authorised and regulated by the Financial Conduct Authority. (Financial Services Register number: 155595). Barclays Investment Solutions Limited is a member of the London Stock Exchange & NEX. Barclays Bank PLC.
When did Barclays align its disclosures with tcfd?
Since the publication of the Taskforce’s final recommendations, in 2017, Barclays has aligned its disclosures to follow the TCFD guidance. This is Barclay’s fourth year of reporting with reference to the TCFD.
What are the principles of the Barclays way?
The Barclays Way is aligned to the Code of Professional Conduct, published by the Chartered Banker Professional Standards Board, which sets out the ethical and professional attitudes and behaviours expected of bankers. Barclays subscribes to this code and is committed to embedding its broad principles into our business.
When did Barclays fail to treat customers fairly?
Between April 2014 and December 2018 some retail and small business customers who had been offered consumer credit were treated poorly when they fell into arrears. The FCA found that Barclays failed to treat customers fairly or to act with due skill, care and diligence.
What did Barclays do about the FCA fine?
Barclays has contacted all customers whom they think may be due for compensation. The FCA has monitored this programme. The FCA took the redress programme into account when setting its fine.
