We are committed to treating all of our customers fairly and in line with the Treating Customers Fairly (TCF) initiative. We recognise and share the key desired outcomes articulated by the Financial Conduct Authority (FCA) as an intended result of TCF:
The Consumer Duty Principle
The Consumer Duty, which is effective from 31st July 2023, introduces a new Principle which sets a higher and more exacting standard of consumer protection across financial services and requires firms to act to deliver good outcomes for retail customers.
The Consumer Duty also introduces the Cross-Cutting Rules, which articulate the standards of conduct that the FCA expect of firms under Principle 12 to help ensure that good outcomes are delivered.
In addition to the Treating Customers Fairly outcomes, the FCA have identified four Consumer Duty outcomes that the Bank must act to deliver.
The four Consumer Duty outcomes relate to:
The Bank’s obligations under TCF and the Consumer Duty are continually monitored to ensure that the Bank’s systems and controls continue to reflect regulatory requirements and industry best practices.