IFSA (Pty) Ltd. has fully embraced Treating Customers Fairly (TCF).
Understanding that the ultimate desired outcomes of TCF are:
- Improved customer confidence;
- The supply of appropriate products and services; and
- Enhanced transparency and discipline in the industry.
These outcomes can only be achieved through the six fairness outcomes.
The TCF fairness outcomes, positioned from the perspective of the customer, are the following:
- Outcome 1: Customers are confident that they are dealing with firms where the fair treatment of customers is central to the firm culture.
- Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly.
- Outcome 3: Customers are given clear information and are kept appropriately informed before, during and after the time of contracting.
- Outcome 4: Where customers receive advice, the advice is suitable and takes account of their circumstances.
- Outcome 5: Customers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and what they have been led to expect.
- Outcome 6: Customers do not face unreasonable post-sale barriers to change product, switch provider, submit a claim or make a complaint.
IFSA (Pty) Ltd. embraces the fairness outcomes, which are delivered throughout the product life cycle.
At all times IFSA (Pty) Ltd., first and foremost considers the fair treatment of all valued clients, at all stages of their relationship with the valued client, from product design and marketing, through to the advice, point-of-sale and after-sale stages.
IFSA (Pty) Ltd. has an underlying philosophy of doing the right things, at the right time, for the right reason, with the right intentions.
IFSA (Pty) Ltd. has always and will always place the interests of the client ahead of any other aspect of the business.
This is at the very heart of the business from top to bottom.
At IFSA (Pty) Ltd. we are able to demonstrate, through our company’s culture and the management behaviours, that we are consistently treating customers fairly throughout the stages of the product life cycle to which they contribute. This is done through regular interaction with our valued clients and the ongoing review and monitoring of solutions, products, services and processes.
- Product and service design: Products and services – and the distribution strategies chosen to bring them to market – are designed and developed for specific target markets, based on a clear understanding of the likely needs and financial capability of each customer group.
- Promotion and marketing: Products are marketed to specific target groups, through clear and fair communications that are not misleading and are appropriate to the target group.
- Advice: Firms need to ensure that, where advice is provided, advisers are fully equipped to provide advice that is suitable to the needs of the customer concerned, balancing the commercial objective of increasing sales with the objectives of TCF and avoiding conflicts of interest.
- Point-of-sale: Firms need to provide clear and fair information to enable customers to make informed decisions about transacting with the firm, its products and services. This means that product risks, commitments, limitations and charges must be transparent. Disclosure around bundled products must enable customers to understand the different components of the bundle.
- Information after point-of-sale: Firms need to provide customers with ongoing relevant information to enable them to monitor whether the product or service continues to meet their needs and expectations and provide acceptable levels of service for post-sale transactions or enquiries. Firms must also monitor and respond to changes in the wider environment that may affect products and impact on a particular group of customers.
- Complaints and claims handling: Firms need to honour representations, assurances and promises that lead to legitimate customer expectations. Legitimate expectations must not be frustrated by unreasonable post-sale barriers. There is a requirement for fair and consistent handling of claims and a mechanism to deal with complaints timeously and fairly. Firms should undertake to identify common underlying causes of complaints and take action to eliminate the root cause.