Treating Customers Fairly

FoQual is pleased to announce a new partnership with a UK and international specialist in conduct risk and the fair treatment of customers.

Quote: “..banks and financial services stay the two least trusted industry sectors for the third year in a row.” (Edelman 2013 global Trust Barometer)

TCF Consulting specialises in helping financial services firms change the way they conduct business – to create a culture consistent with the principles of fair treatment that will deliver fair outcomes for all consumers.

Since the start of the global economic crisis in 2008, the financial services industry has been in the spotlight. Almost on a daily basis, there is a new headline highlighting a failure of firms in relation to product complexity, quality of advice, quality of service or complaint handing. Firms are under more regulatory and media scrutiny than ever before and reputations, having taken years to nurture, can be destroyed overnight. In response to this crisis of consumer confidence, more and more financial regulators are introducing new legislation to govern the way in which financial products are developed and serviced. Legislation is supported with enforcement powers ranging from suspensions and bans all the way to financial penalties and public censure. The overarching principle behind such legislation is to restore trust in financial services through the fair treatment of customers. Creating products and services that satisfy customer’s needs is no longer enough – product providers must be seen to treat customers fairly, with integrity and honesty. And, increasingly, firms are being required to prove that they treat their customers fairly.

FoQual and TCF Consulting have come together to help firms meets these challenges…… and reap the rewards

Why is the fair treatment of customers so important?

• The OECD, together with the Financial Stability Board, has published “High Level Principles on Financial Consumer Protection”.

• Most, if not all, Asian and SE Asian financial services regulators are developing and implementing new conduct risk consumer protection regulations.

• Regulators are beginning to realise that the fair treatment of customers is a “cultural” issue for firms – not just a risk and compliance matter.

• Fair treatment of customers is “not” just about the quality of sales advice – it affects the whole organisation.

• Specifically in Malaysia, the IMF (International Monetary Fund) have recently recommended to the BNM that “that the effectiveness of the Malaysian regulators could be enhanced with strengthened enforcement tools and the development of a supervisory framework specific to market conduct activities.”

If you’d like to find more about how we can help you understand the implications for your business, please write to us at

Presentation on TCF by Stephen Rosling
Stephen Rosling Presentation

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Other resources on TCF
Global KPMG report:
Global KPMG report

Global report from the CFA institute:
CFA institute Report

Edelman Global Annual Trust Barometer Survey:
Global Annual Trust Barometer Survey