Here in the UK, Treating Customers Fairly (TCF) has been a central focus of the FSA’s retail strategy for a while now, with TCF principles incorporated into supervisory visits through ARROW since the beginning of this year. Now with the FSA pushing through the Banking and Payments Services (BPS) conduct regime and assuming regulation of the sector with effect from 1st November, now may be the time to ask how this is going to impact on your organisations communications strategy and what steps have you taken to embrace and embed TCF in client communications throughout your organisation.
The FSA believes the new regime will deliver real benefits to consumers through a set of principles and outcomes. For example :-
Principle 6 : (a firm must pay due regard to the interests of it’s customers and treat them fairly)
Outcome 3 : Clear and regular communication is aimed at ensuring that clients are provided with clear information and kept appropriately informed before, during and after the point of sale.
Financial institutions have regular communications going out to clients, from the welcome letter and ad hoc communications through to regular monthly statements. TCF provides an ideal opportunity to revisit your communications strategy and build a business case for moving to intelligent client communications.
Being able to communicate the latest updates to your clients ahead of the competition, or providing them with relevant information or marketing on transactional documents are all good business case reasons you may agree, whether it be for increasing client loyalty, retention or simple to increase response rates to marketing, however it also solves one of the biggest issues of TCF that organisations are grappling with. It’s not sufficient simply to implement treating customers fairly, you must be able to evidence and prove you are treating them fairly. Intelligent client communications allows you to do just this.
If you are involved in one of these projects, then why not give us a call and see how we can help you.