The Reserve Bank on India’s (RBI) report on Trend and Progress of Banking in India 2012-13 released on 21 November has a small section that says the central bank is considering extending the Treating Customers Fairly (TCF) policy from just banking products to third-party products such as mutual funds, capital market and insurance products sold by banks. (You can read the report here:http://bit.ly/17VkG3o ). It draws upon the TCF policy of the UK regulator, variants of which are now being used in many countries such as South Africa, New Zealand, Singapore and Australia. The UK’s apex regulator, the Financial Conduct Authority (FCA), has six core consumer outcomes that it wants TCF to achieve. One, consumers are sure that the company they deal with is fair to them—for example, a fair lender will let floating rate home loans float down when interest rates fall and not keep them artificially high by cheating on benchmarks. Two, products and services produced, advised on and sold are constructed to solve customer problems. Three, consumers get clear information and are kept informed before, during and after the point of sale. Four, financial advice is suitable. Five, products sold do what consumers were promised they will do. Six, switching from and complaining about a sold product should not be a clunky process.
One comment
Dylan
June 30, 2017 at 6:08 am
Skype has established its internet-dependent client beta towards the
world, soon after establishing it broadly inside the United states and U.K.
earlier this four weeks. Skype for Internet also now supports Chromebook and Linux for immediate online messaging conversation (no video and
voice nevertheless, these call for a connect-in set up).
The expansion in the beta brings help for an extended set
of different languages to assist reinforce that international functionality