Fostering Corporate Responsibility through Self- and Co-regulation
Fostering Corporate Responsibility through Self- and Co-regulation
Fostering Corporate Responsibility through Self- and Co-regulation
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Appendix<br />
M<strong>and</strong>ating<br />
Treating Customers Fairly<br />
Date of creation<br />
2000<br />
Public bodies<br />
Financial Services Authority<br />
(FSA)<br />
United Kingdom<br />
Although this m<strong>and</strong>ating initiative by the FSA, the UK’s regulatory body for the fi nancial<br />
services industry, only ran from 2004 to 2009, its principles remain part of ongoing<br />
<strong>regulation</strong>. They apply to all retail fi nancial services, including banking <strong>and</strong> insurance, <strong>and</strong><br />
set st<strong>and</strong>ards of customer treatment in the sector. There are six outcomes that fi rms must<br />
demonstrate they are achieving, such as consistently delivering fair outcomes to consumers<br />
<strong>and</strong> having management assume responsibility for ensuring that the fi rm <strong>and</strong> staff at all<br />
levels deliver the consumer outcomes relevant to their business <strong>through</strong> establishing an<br />
appropriate culture.<br />
Link: www.fsa.gov.uk/doing/regulated/tcf<br />
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