This webpage looks in detail at the implications for friendly societies of Treating Customers Fairly. The AFS Legislation Committee is providing monthly updates to highlight key issues.

The culmination of the TCF initiative is the December 2008 deadline, by which time all firms should be able to demonstate clear evidence of better outcomes for customers.

FSA will be watching closely to see how firms are responding to the deadline: in the June 2008 progress report they indicated around 20% of firms they had visited were not on track. FSA have indicated they will be visiting firms in early 2009 before producing a final TCF report in September 2009. In the meantime they have indicated that enforcement action is likely for firms that fail to act.

TCF Update JULY 2008

Treating Customers Fairly

These slides, presented with the kind permission of Kirbys Solicitors, consider fairness in relation to contract terms, and highlight some of the actions societies should consider in response to a recent FSA paper (posted July 2008).

These slides, presented with the kind permission of Kirbys Solicitors look at the 2007/08 Law Commission proposals for review of the law relating to material non-disclosure in insurance contracts, and reflect recent ABI guidance and good practices on the issue, with focus on TCF (posted July 2008).

The latest guidance and information on TCF can be found on the FSA website: http://www.fsa.gov.uk/Pages/Doing/Regulated/tcf/index.shtml