All firms regulated by the FCA have to support the FCA Sourcebook’s principle that a firm ‘must pay due regard to the interests of its customers and treat them fairly’.

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The TCF (‘treating customer fairly’) principle aims to raise standards in the way firms carry on their business by introducing changes that will benefit consumers and increase their confidence in the financial services industry.

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Specifically, TCF aims to:

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• help customers fully understand the features, benefits, risks and costs of the financial products they buy

• minimize the sale of unsuitable products by encouraging best practice before, during and after a sale