If customers were always treated fairly, TCF regulations would be unnecessary.

Customer-Mind has experience in the successful implementation of Treating Customers Fairly from scratch.  This includes:

  • Working with the Executive team to integrate the principles of treating customers fairly with existing strategies
  • Setting out the Treating Customers Fairly strategy and project plan
  • Increasing awareness of Treating Customers Fairly amongst leadership at all levels
  • Educating employees in different positions on their role in Treating Customers Fairly
  • Establishing appropriate measures and management information reports to monitor progress in terms of TCF
  • Identifying fairness risks and agreeing on suitable controls
  • Addressing processes to be revised in light of Treating Customers Fairly
  • Rewriting customer communications in line with Treating Customers Fairly

Email us (info@customer-mind.com) and we’ll send you an overview of Treating Customers Fairly for free.

For companies in the financial services industry, Customer-Mind offers specialised expertise in the field of “Treating Customers Fairly”.  The Financial Services Board (FSB) has initiated a programme to achieve fair outcomes for customers, and is setting out Treating Customers Fairly regulations to which   financial retail firms will need to comply.   Customer-Mind has hands-on experience in the implementation of Treating Customers Fairly (TCF).  We are able to guide you through the interpretation of the six TCF outcomes set out by the FSB, and provide sound advice concerning the integration of TCF into your company values, strategies, operations and HR, in a way that makes good business sense.   Our perspective of TCF is one that looks beyond compliance.  Apart from acknowledging the fact that being fair is the right thing to do, Customer-Mind’s approach is one that leverages the regulatory requirements to achieve greater customer engagement.  In this way, TCF is not a compliance burden, but rather a business opportunity.

It is not only about doing the right thing; it is about doing it right. TCF must be implemented in a way that makes business sense.

To this  end, Customer-Mind offers top-class:

  1. Executive Seminars
  2. Treating Customers Fairly Implementation Workshops
  3. Treating Customers Fairly Audits
  4. Treating Customers Fairly Management Information
  5. Treating Customers Fairly research
  6. Culture Change Management Planning
  7. Process Redesign

Embark on the TCF journey

Treating Customers Fairly could be a cumbersome, bureaucratic, box-ticking exercise, or an invigorating, challenging journey towards better business results. Customer-Mind works with companies willing to take the high-road to achieve the end result of customers being confident that their interests are looked after and that they have the best financial products for their needs and circumstances.   Retail financial services companies will be required to start furnishing reports to the FSB from the beginning of 2012.  Time to prepare your organisation for this change is limited.  This increases the urgency with which executives need to address the implementation of Treating Customers Fairly.  So it helps to have someone working with you who has walked this road before. This new legislation will raise customer expectations of fairness, and therefore necessitate readiness for action and a higher competitive standard.   Customer-Mind is here to help you navigate this new terrain and position you ahead of the demand. 1.  Executive Seminars Brief boardroom seminars and half-day seminars provide a strategic overview of Treating Customers Fairly and what it means to financial services organisations.  These are designed to provide top senior management with critical points of information relevant to their accountabilities for Treating Customers Fairly, and set out clear next steps for executive action and delegation.   2.  Implementation Workshops Customer-Mind runs a number of dynamic workshops of varying duration for leaders at all levels across key business units.  These workshops are tailored to your organisation, and explain exactly what needs to be done to embed TCF and reinforce a customer-focus in your corporate culture.  We then go further to explain how to practically and profitably go about this. These workshops provide valuable knowledge and guidance pertaining to leadership behaviour, strategy, decision-making, process design, measurement and controls, and performance drivers.  The business areas for which these issues are customised include:

  • Product development (R&D)
  • Marketing
  • Sales
  • Communications and brand management
  • Operations
  • Customer services
  • Risk management
  • Systems and IT
  • Human resources
  • Learning and development

3. TCF Audits The FSB is making a self-assessment available for companies to use as a preliminary evaluation of how fairly they treat their customers.  It will give you an idea of where you might be falling short in managing the likelihood of your customers experiencing unfair outcomes.  Thereafter, you will be required to design your own self-assessment, or audit, being more detailed and specific to the workings of your particular business.  Customer-Mind can help you develop your unique company audit.  We also provide guidance for your internal audit department to enable them to incorporate TCF into their existing audit standards, processes and structure.   4.  Management Information One of the most important elements required to satisfy the FSB that business leaders are taking the principles of Treating Customers Fairly seriously, is the development and monitoring of well-designed and effectual management information.  Customer-Mind offers recommendations and advice in this regard, ensuring both quantitative and qualitative, lead and lag outcomes-based measures.  In addition, we provide input concerning useful management information commentary as well as appropriate executive action to be taken in response to trends or findings revealed in the management information reports.   5. TCF Research In order to obtain certain management information, customer, distributor and employee research will be required.  The answers sought by such research will be valuable for business, irrespective of Treating Customers Fairly.  Customer-Mind designs and conducts tailor-made research projects, and can run these on your behalf.  Alternatively, we can help you to modify existing studies conducted by other research houses with whom you already have a relationship, to ensure that they effectively incorporate TCF.   6.  Culture Change Management Planning The culture of an organisation drives the behaviour of its people, which in turn determines the outcomes for its customers.  Thus, if TCF is not embedded at the core, somewhere along the line, customers will experience a shortcoming in fairness.  Establishing a previously unstated value, or reinforcing an existing value in a culture, requires the design of a well thought-through change management plan.  With our understanding of values, culture, organisational design, and employee engagement, Customer-Mind gives useful input into the planning of a robust change programme.   7. Process Redesign to Ensure Fairness Many processes exist within your organisation in different spheres – some pertaining to customers, some concerning business partners, and others regarding employees.  It happens that certain processes have unintentional unfairness built into their design, or are designed in such a way that they are likely to lead to unfair outcomes for customers.  Customer-Mind reviews various business and HR processes for you and with you, effectively teaching those responsible for developing processes in these spheres, to redesign them to meet standards of fairness as well as financial prudence.