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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.
01 September 2014In 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.
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:
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:
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.