jolandi wassermann - Epic Communications

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NEW DEVELOPMENTSCPA AND TREATING CUSTOMERS FAIRLY (TCF)Consumer Protection Act: will apply from October 2012 to Long-term andShort-term Insurance CompaniesHowever TCF aims for a higher standard of consumer protection infinancial servicesTCF applies to all FSB regulated entities (from 2013)Retail banking services market conduct regulator to be created at FSBFollows Financial Services Authority (FSA UK) standardOutcomes based approach ensuring fair treatment of customer at allstages of product life cycleEncourages firms to re-evaluate company culture and foster attitude oftreating customers fairly
THE 6 TCF OUTCOMESRight culture•Customers are confident that they are dealing with firmswhere the fair treatment of customers is central to the firm’scultureRight targeting• Products and services marketed and sold in the retail marketare designed to meet the needs of identified customer groupsand are targeted accordinglyRight information•Customers are given clear information and are keptappropriately informed before, during and after the time ofcontractingRight advice•Where customers receive advice, the advice is suitable andtakes account of their circumstancesRight deliveryRight post‐saletreatment•Customers are provided with products that perform as firmshave led them to expect, and the associated service is both ofan acceptable standard and what they have been led to expect•Customers do not face unreasonable post‐sale barriers tochanging of product, switching of provider, submitting a claimor making a complaint
Page 2 and 3: CONSUMER PROTECTION IN FINANCIAL SE
Page 4 and 5: FINANCIAL ADVISORY AND INTERMEDIARY
Page 6 and 7: DISPUTE RESOLUTION FOR CONSUMERS•
Page 10 and 11: COMING UPCPA for long-term and shor
Page 12: THANK YOU

jolandi wassermann - Epic Communications

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