The regulatory environment in the financial services industry has changed significantly over the past few decades and at Warwick, we believe that this is for the better.
As a company building its reputation on stringent compliance, we at Warwick conduct our business in line with all the relevant laws and best practice benchmarks. In fact, we take a proactive approach to compliance rather than a reactive one, by staying up to date with trends and developments in the international financial services arena.
This is why we were well-prepared for Treating Customers Fairly (TCF) – the latest regulatory and supervisory approach that is shaping financial services compliance practices in South Africa.
Essentially, TCF is designed to ensure that 6 fairness outcomes for financial services consumers are delivered by regulated financial firms.
The 6 TCF Outcomes are as follows:
1. Customers can be confident they are dealing with firms where TCF is central to the corporate culture
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
3. Customers are provided with clear information and kept appropriately informed before, during and after point of sale
4. Where advice is given, it is suitable and takes account of customer circumstances
5. Products perform as firms have led customers to expect, and service is of an acceptable standard and as they have been led to expect
6. Customers do not face unreasonable post-sale barriers imposed by firms to change product, switch providers, submit a claim or make a complaint.
While TCF is not a piece of legislation, it is an interpretation of the law and one that all at Warwick do our utmost to uphold.
Over the years and decades, the concept of compliance and the environment in which we operate as a Financial Services provider has continued to evolve and more legislation, standards and codes have been put into place to ensure we act properly, legally and fairly – in the favour of the client.
Overall, Warwick not only strives to comply, but we really do strive to act in the best interests of our clients. We do firmly believe in treating clients fairly, that each client gets the best possible deal and that we act in the manner that is always in the client’s best interest.