The survey comes hot on the heels of a new FSA progress report; both show that whilst, overall, firms are embracing TCF principles, there is an urgent need for help and support across the industry.

The TCF Index survey highlights a number of shortcomings:

• Some firms still prioritise new customers over existing ones
• Alarmingly high proportion of senior management not assessing decisions against TCF policy
• Inadequate consumer research into new products
• Lack of clear and user-friendly customer literature, such as Key Facts documents and statements
• Handling of complaints shows a great deal of improvement is needed.

During March and April, GfK NOP, on behalf of TCF Index, carried out a detailed online survey amongst their own financial services research panel and TCF Index’s Industry contacts. Respondents from the worlds of banking, insurance, pensions and investment were asked for their views both from an industry perspective and also specifically about companies they know well.

The FSA has announced December 2008 as the deadline by which firms must be able to demonstrate both to themselves and to the FSA that they are treating customers fairly. There is also an interim deadline of end of March 2008 for firms to have appropriate management information or measure in place to test whether they are treating their customers fairly.

This drive to support firms is the key remit of TCF Index Limited. TCF Index have launched, after extensive testing, the TCF Index BaseBoard™. The BaseBoard is a unique combination of diagnostic tools and display techniques that shows a firm’s TCF status compared with both its own objectives and current best practice.

The development of the TCF Index BaseBoard has been led by Joint Managing Director, Phil Evans, formerly Accreditation Consultant at the Pensions Protection Investments Accreditation Board, which monitored firms under the ABI’s Raising Standards Scheme.

Phil Evans says:”Our research has shown that based on current performance, too many firms could be taken to task by the regulator next year as there are many areas for concern. TCF is about balancing the customer’s needs with the firm’s needs, being absolutely clear about what the firm and its services offer and being transparent about fees and levels of service. Our objective is to help firms meet these criteria in readiness for the March and December 2008 deadlines.”

A free copy of the survey is available upon request at www.tcf-index.com