Treating Customers Fairly

Effective Solutions for Treating Customers Fairly

An important area of regulation and compliance is the Fair Treatment of Customers. Building a trustful relationship with a business’s clients and customers is paramount, and fair treatment is at the heart of this.

Businesses must be in a position to clearly demonstrate that the fair treatment of customers is not only routine, but fundamental in everyday practice. The fewer complaints raised, the less likely your business will be subjected to an investigation.

The FCA advises that: ‘A firm must pay due regard to the interests of its customers and treat them fairly.’ 

The FCA sets out six consumer outcomes that it expects from all regulated businesses.

• Outcome 1: Consumers can be confident they are dealing with firms where the fair treatment of customers is central to the corporate culture.
• Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
• Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
• Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
• Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
• Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change products, switch providers, submit a claim or make a complaint.

At Regulation & Compliance, we work closely with regulated businesses to deliver a streamlined process for the Fair Treatment of Customers. In doing so, we can ensure processes and procedures are suitably documented to protect the business and its customers.

RACO’s services include:

• Complaint handling and management
• Auditing
• Annual Directors’ report of compliance
• Training
• Review of existing policies and operational processes to ensure the Fair Treatment of Customers is being prioritised (this includes standard and vulnerable client processes)
• Assistance in updating and maintaining policies and processes

Talk to our Compliance experts

To enquire about our services and how Regulation & Compliance Office can work with your business, you can call us on  0203 985 8550 or email us at info@regulationandcomplianceoffice.co.uk