What does it mean to treat a client fairly
What does it mean to treat a client fairly?
One of a company's most valuable assets is its reputation, which it can safeguard and enhance by putting consumers' needs first. This is against the law as well as good business practise. The Financial Conduct Authority's (FCA) major project, Treating Consumers Fairly (TCF), aims to make sure that permitted businesses "pay due respect to the interests of their customers and treat them fairly." This should increase consumer trust in the financial services sector.
The FCA mandates that Treating Customers Fairly be "embedded" into a company's culture, which entails abiding by principles like providing customers with what they have paid for, not exploiting them, providing the best product possible, trying to quickly resolve complaints, displaying flexibility and empathy for customers, and being transparent in all customer interactions. Businesses that fail to treat customers properly risk reputational damage and significant financial penalties from the FCA.
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