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Source: www.fsa.gov.uk
Topic: Information Management

Sort Desciption: 3 Click to edit Master title style TCF considerations for management information (MI) 1. Management information (MI) is a key tool for effective TCF implementation. 2.

Content Inside: 1 Click to edit Master title style Management Information Considerations for Treating Customers Fairly 2 Click to edit Master title style Contents 1. TCF considerations for management information (MI) 2. Our findings 3. Conclusions 3 Click to edit Master title style TCF considerations for management information (MI) 1. Management information (MI) is a key tool for effective TCF implementation. 2. MI gives management an indication of their success in implementing their TCF strategies and by highlighting what is and is not working provides a feedback capacity to facilitate improvement. 3. To be effective appropriate MI must not only be collected but also needs to be filtered and distributed to appropriate audiences to help them in deliver TCF. For example firms using complaints MI to identify that a product is not being sold appropriately and then addressing this for that particular product but also examining potentiallywider implications for example for the product range as a whole. 4. Key audiences for receiving monitoring and acting on TCF MI arelikely to include: the Board; group senior executives; business unit executives; and risk and compliance management. 5. Relevant TCF MI may already be available within firms -either from traditional compliance reporting or from customer-focused research. However in some cases new data is also likely to be required. 4 Click to edit Master title style Our findings (1) There are gaps in firms' understanding of MI requirements 1. Despite all firms supporting the view that the fair treatment ofcustomers is a key contributor to business success and evidence of efforts to improve TCF performance there has been little progress by firms in identifying and analysing the MI relating to TCF. A few firms have recognised that there is a gap in this area and have begun to work on measures to mitigate this. 2. Many firms are not managing to conceptualise or identify the information that might prov ...

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