By the end of March 2008, firms within the financial services sector are expected to have appropriate management information (MI) or measures in place to test whether they are treating their customers fairly.
By the end of December 2008 all firms are expected to be able to demonstrate to themselves and to the FSA that they are consistently treating their customers fairly.
Are processes in place within your business to monitor the MI? Will they enable the right people to take action and to understand and measure the impact of those actions?
Can you aggregate and prioritise issues effectively? Will senior management be able to focus and agree on appropriate actions that benefit the customer?
Do you have robust, appropriate MI and effective analysis that includes qualitative insights not just quantitative data?
Can you measure this from the customers’ perspective on a real time basis?
Will this be in place to meet the FSA deadline of March 2008? Will it be in day to day use by December?
Will you be able to demonstrate to yourselves and the FSA that you are constantly treating the customer fairly?
This is more than placing a tick in the compliance box. It’s about changing the way all functions position the customer within the business.
The FSA wants senior executives to identify what customers are saying, listen to them and show they are acting on what they heard:
You may have met your current deadline but where are you going with TCF? Read our minibook and then talk to us for some great ideas on how you can turn this FSA regulation into a market differentiator for your business.
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