What does Treating Customers Fairly mean, and how will it impact you?

Treating Customers Fairly isn’t just a PR catchphrase anymore, it now has teeth As customers we want fair treatment from everyone we do business with, especially those that manage our money. The Financial Services Board (FSB) has been tasked to ensure businesses in the financial services sector do just that. Under the Treating Customers Fairly TCF outcomes based regulatory (and supervisory) approach any financial service …

Embracing and embedding TCF compliance principles

Harsh penalties will be levied on insurers and advisors who do not embrace TCF compliance principles Harsh fines imposed by the UK Financial Conduct Authority (FCA) during 2013/14 could be a sign of things to come in South Africa. The top 20 fines totalled over £180 million for TCF compliance principles breaches. Breaches included inadequate administration processes, an inability to ensure suitable advice was given to customers, and poor …

Elements for customer onboarding in Financial services

Customer onboarding is a process, not a single step. Customer onboarding demonstrates to the customer the type of experience they can expect from the organisation. When our onboarding is ineffective it quickly leads to client attrition, but when done right it leads to loyal promoters of our brand. We never get a second chance to make a great first impression.Successful organisations know that the first purchase is just the beginning, and that the …

Customer engagement: Treating Customers Fairly principles into action

Treating Customers fairly principles require building a culture of caring for every customer Organisations that have caring for customers at the heart of their businesses are more likely to take into account the experience of the customer, and take steps to address any elements that drive poor outcomes. They take time to identify the cause of the customer’s poor experience, whether it comes from the product’s contractual terms and conditions …

4 relationship poisons that cripple your Treating Customers Fairly efforts

These 4 relationship poisons can negatively impact your TCF programme Relationship building is at the heart of Treating Customers Fairly. Healthy relationships, with both customers and stakeholders, help improve retention and build confidence in the brand.   The 4 relationship poisons that damage your relationships and kill your TCF compliance: 1. Criticism: criticism attacks character, and is normally not related to an action. Instead of something specific like “You didn’t deliver this document on time.” criticism …

Embedding TCF learning – Watch one, Do one, Teach one

Helping embed Treating Customers Fairly TCF learning and behaviours through the Watch one, Do one, Teach one process We learn best through a combination of watching, doing and then teaching what we have learned (this sharing knowledge solidifies what we have just learned). It is easy to observe a process, harder to actually do it, and another thing altogether to try and explain it to someone else. Sharing the …

TCF Engagement through the SCARF model

Helping Treat Customers Fairly by using the SCARF model to manage relationships David Rock uses the SCARF model to share key ideas from neuroscience research relating to how we interact socially. Our brains treat social rewards and threats in the same way as a physical threat or reward. Customer engagement and employee feedback can become more effective when we learn how to manage these five relationships stimulants. Being able to positively manage relationships, solve problems, collaborate and …

The power of a TCF Mentoring Programme!

A TCF Mentoring Programme can be complex to implement, but has numerous compliance benefits. The elements involved in building a Treating customers Fairly (TCF) culture are complex and require reflection, discussion and support to embed. Mentorship helps share knowledge, reflect on new learnings and embed the type of thinking that supports a TCF culture. Benefits of developing a TCF Mentoring Programme: Help with on-boarding: Mentoring can help smooth the process of bringing …

4 key drivers of engagement in a TCF culture

Drivers of engagement helps employees utilise their discretionary effort in line with strategic TCF goals. The 4 key drivers of engagement in a TCF culture: Relationship with manager Belief in leadership Pride in belonging Having a voice Organisations lose millions annually due to employees who just “show up” as well as the turnover of talented employees. Inspiring employees to stay and participate in your TCF strategic goals is essential to both …

Why we are all terrible at performance ratings

How good are you really at performance ratings?  Rating performance is an integral part of many performance reviews and assessment systems. Many organisations believe that with enough training and time, anyone can produce reliable performance ratings. Worse than this we feel that our people “should know” how to rate performance and service, even if they have not received any training. Unfortunately, the research shows that we are all really lousy at rating anyone. …

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