From the top down: Creating a TCF culture

Recent events have only served to sharpen the regulator’s focus on how financial firms treat their customers. In this extract from FSA director Sarah Wilson’s speech to the ABI’s seminar for non-executive directors of insurance companies, she explains why Boards should take TCF as seriously as risk and capital management

Treating Customers Fairly has now moved into the FSA’s core supervisory work. Put simply, this means that it is now a key aspect of supervisory reviews (Arrow reviews), it remains key to the small firms supervisory strategy, and that you can expect to continue to see it reflected in both our thematic work and our enforcement action. Firms are expected – and by that I mean senior management, including the Board - to be able to demonstrate to themselves and to us that they deliver fair outcomes to their customers.