Treating Customers Fairly (TCF) is a mandatory requirement of the Financial Conduct Authority (FCA) and impacts all regulated firms. It requires them to “pay due regard to the interests of their customers and treat them fairly.” The objective of the FCA is to build consumer confidence in the financial services industry.
The FCA requires Treating Customers Fairly to be "embedded" into a firm's culture. This is not the same as “awareness”. Firms must adopt compliant practices such as giving the customer what they have paid for, not taking advantage of them, offering the best product possible, making an effort to resolve complaints quickly, showing flexibility and empathy and being clear fair and not misleading in all customer dealings.
Firms that fail to treat customers fairly can receive large financial penalties from the FCA and suffer reputational.