Treating Customers Fairly And How It Can Help You

In this article we’ll explain TCF – why it was implemented, what Nedbank Insurance is doing in this regard and how it can benefit you as financial services consumer.

What is TCF?

TCF was adopted by South Africa from the UK programme called Treating Customers Fairly. In 2011 the Financial Services Board (FSB) announced that it would be launching TCF in South Africa.

By making sure that you fully understand the features, benefits, risks and costs of the financial products or services you buy, the FSB hopes that TCF will minimise the sale of unsuitable options.

According to the FSB, companies need to show that they’re delivering six TCF outcomes:

1. Making TCF central to their corporate culture.
   
2. Ensuring that products and services marketed and sold in the retail market are designed to meet clients' needs and are targeted accordingly.
   
3. Providing clear information so that clients are kept appropriately informed before, during and after point of sale.
   
4. Ensuring that any advice given is suitable and takes account of clients' circumstances.
   
5. Ensuring products perform as firms have led clients to expect they would, and that the service is of an acceptable standard.
   
6. Ensuring clients don’t face unreasonable post-sale barriers if they want to change products or providers, make claims or lodge complaints.
   

What does TCF mean to Nedbank?

TCF is about aligning the way we think, the way we do and the way we feel with what the client expects. It’s about putting ourselves in the consumer's shoes. It’s about remembering that all of us, no matter who we are, want to be treated with fairness.

What is Nedbank Insurance doing in this regard?

Nedbank Insurance has allocated managers to ensure that all TCF principles are entrenched into our values and culture. We have action plans to close gaps where we believe more can be done to demonstrate our commitment to treating our valued clients with fairness. Some of these are:

• alignment of our strategy, performance scorecards and rewards systems with TCF culture;
• development of products that are based on what the client really needs;
  
• creation of clear and understandable material that will ensure that the client is well informed before buying our products and services;
  
• allocation of knowledgeable sales teams that sell products that meet the needs of the client;
  
• dissemination of adequate communication that keeps the client well informed for the duration of their policy; and
  
• refinement of complaints resolution processes.
  

What benefit does TCF have for consumers?

TCF means that you can have increased confidence in your choice of financial products or services, whether it’s an insurance package, a new credit card or an investment. You can enjoy peace of mind that you haven’t been sold something unsuitable for your lifestyle or your needs. Clients now have even more assurance that they will receive world class services from Nedbank Insurance.