Treating Customers Fairly

Effective Solutions for the Fair Treatment of Customers

Fair Treatment of Customers is an important element of regulation and compliance as it goes to the heart of service provision and building a relationship of trust with a business’s clients and customers.

Businesses must be able to demonstrate that fair treatment of customers is a fundamental and natural task performed, as this will help with avoiding complaints and regulatory investigations.

In particular, the FCA advises that: ‘A firm must pay due regard to the interests of its customers and treat them fairly,’ and has set out six helpful consumer outcomes that is expected from all regulated businesses.

• 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 products, switch providers, submit a claim or make a complaint.