What is MI (Management Information)?
Information or statistics which can be collected and used to measure performance and identify potential risks in given areas of your firm. Regardless of your firm’s size, structure and business model, using good MI within your firm can help drive change for improvement, raise standards where needed, help you provide an even better service to your customers and help you in the monitoring of the quality of advice you give to your customers. It can help make your firm more efficient and more profitable.
What is TCF?
Treating Customers Fairly (TCF), as defined by the FCA, highlights ‘6 Customer Outcomes’ firms should strive to achieve. The use of Management Intelligence (MI) can help you to measure your performance against the FCA standards and internal business standards.
The FCA outlines TCF with the following customer outcomes:
- 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.
The use of MI guides your business to give the customer the correct FCA TCF outcomes
MI can also be used to guide strategy, any changes made to processes or products are measured throughout to abide to the TCF outcomes. Making sure your business has integrated a TCF culture internally will help maintain strong performance standards. Current systems and controls adequately enable you to identify issues that could impact on the quality of advice you give to your customers, and TCF is an integral part of the business.