The FCA's six TCF outcomes and the four Consumer Duty outcomes do not legally apply to the article 60C body-corporate exemption product we sell — but they describe the standard we hold ourselves to anyway.
The six TCF outcomes
- Outcome 1. Customers can be confident they are dealing with a firm 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 customer groups and are targeted accordingly.
- Outcome 3. Customers are provided with clear information and are kept appropriately informed before, during, and after the point of sale.
- Outcome 4. Where customers receive advice, the advice is suitable and takes account of their circumstances.
- Outcome 5. Customers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and as they have been led to expect.
- Outcome 6. Customers do not face unreasonable post-sale barriers to change product, switch provider, submit a claim or make a complaint.
The four Consumer Duty outcomes
- Products and services — designed to meet the needs, characteristics, and objectives of the target market.
- Price and value — products provide fair value: the price is reasonable relative to the benefits provided.
- Consumer understanding — communications equip customers to make effective decisions.
- Consumer support — customers receive the support they need.
What we measure
Every quarter the management team reviews:
- The proportion of applications declined and the reasons.
- The proportion of loans repaid on time, early, late and defaulted.
- Forbearance requests received, granted, declined, and outcomes.
- Complaints received, complaint root causes, complaints upheld.
- Vulnerable customer flags added, removed, and treatment outcomes.
If a metric moves in the wrong direction we change something — product features, communication, process — and re-measure.