Treating Customers Fairly

Purpose

The Directors and Senior Management of Jigsaw Finance Limited are committed to ensuring that the FCA principle of treating customers fairly (TCF) is applied in all areas of our day to day business activities.

This policy is to outline Jigsaw Finances responsibilities towards our customers to ensure we treat them fairly under the FCA’s principle.

Background

All firms regulated by the FCA have to support the FCA Sourcebook’s principle that a firm ‘must pay due regard to the interests of its customers and treat them fairly’. The TCF (‘treating customer fairly’) principle aims to raise standards in the way firms carry on their business by introducing changes that will benefit consumers and increase their confidence in the financial services industry.

Specifically, TCF aims to:

TCF outcomes

Firms are responsible for making sure customers are treated fairly. The FCA’s principles apply to all business behavior and in particular Principle 6 says: ‘A firm must pay due regard to the interests of its customers and treat them fairly’.

The FCA have defined 6 outcomes in which they expect business to strive to achieve, to ensure the fair treatment of customers.

Outcome 1: Consumers can be confident they are dealing with firms 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 consumer groups and are targeted accordingly.

Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.

Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.

Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

What is TCF

Treating customers fairly is not just about offering the same rates, products and services to all customers or treating every individual the same, it is about the customer; having choice, clear and transparent information, confidence in the providers they are buying from, being offered suitable and appropriate products, having freedom to leave if required and knowing the products and services will work exactly how they were lead to believe.

Firms must ensure they are able to demonstrate that they are consistently delivering fair outcomes to consumers and that senior management are taking responsibility for ensuring that the firm and staff at all levels, deliver the consumer outcomes relevant to their business through establishing an appropriate culture.

It is expected that as a business we can:

TCF and Jigsaw

Jigsaw’s stance on TCF

S – Suitable products – Outcome 2

T – Transparent information – Outcome 3

A – Appropriate advice – Outcome 4

N – No post sale barriers – Outcome 6

C – Confidence in our culture – Outcome 1

E  -  Expectations fulfilled – Outcome 5

As a business we need to ensure TCF is bread in our culture and in our values, we will achieve this through:

Suitable Products

 

Transparent information

 

Appropriate advice

 

No post sales barriers

 

Confidence in our culture

 

Expectations fulfilled