{"id":1321,"date":"2017-03-29T12:35:11","date_gmt":"2017-03-29T10:35:11","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?post_type=did_you_know&p=1321"},"modified":"2025-07-17T10:30:26","modified_gmt":"2025-07-17T08:30:26","slug":"treating-customers-fairly-tcf","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/treating-customers-fairly-tcf\/","title":{"rendered":"Treating Customers Fairly (TCF)"},"content":{"rendered":"\t\t
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An overview of TCF<\/h3><\/span><\/div>
Why treat the customer fairly? The irregularity of information between retail financial\nservices consumers and financial institutions means\nthat financial services consumers are particularly\nvulnerable to unfair treatment.\nTypically, financial institutions have far more expertise and\nresources available to them in designing, distributing and\nservicing financial products than consumers have available\nto them in making decisions about financial transactions.\nThe nature of financial products and services is such that, in\nmany instances, the consequences of unfair treatment or poor\ndecisions are only felt some time \u2013 in some cases many years\n\u2013 after transacting. Significant hardship can be the result. In\nNamibia, challenges are worsened by low levels of both basic and\nfinancial literacy, increasing the risk of consumer exploitation.\n

\nTCF is a regulatory approach that seeks to ensure that\nspecific, clearly articulated fairness outcomes for financial\nservices customers are demonstrably delivered by regulated\nfinancial institutions.\nThe further intention is that delivery of these specific\noutcomes will in turn ensure the supply of appropriate financial\nproducts and services to customers and enhanced transparency\nand discipline in financial institutions, resulting in improved\ncustomer confidence.\nThe final desired outcome is that customers\u2019 financial services\nneeds are appropriately met through a sustainable industry.\nIt is proposed for the six Treating Customers Fairly (TCF)\noutcomes to be introduced in Namibia.\n

\nThese are:\n

\n1. Consumers should be confident that they are dealing with\nfirms where fair treatment of customers is central to corporate\nculture\n
\n2. Products and services marketed and sold in the retail market\nshould be designed to meet the needs of identified consumers.\n
\n3. Advice should be suitable and take account of the\nconsumer\u2019s circumstances.\n
\n4. Consumers must be provide with clear information and\nkept informed before, during and after the point of sale.\n
\n5. Consumers should be sold products that perform as firms\nhave led to expect, within reasonable limitations.\n
\n6. Consumers should not face unreasonable post-sale barriers\nimposed by firms to change products, switch provider, submit\nclaims or complain.\n

\nThese outcomes are to be demonstrably delivered throughout\nthe product life cycle, from product design and promotion,\nthrough advice and servicing, to complaints and claims handling\n\u2013 and throughout the product value chain.\nIn summary, all financial institutions regulated by NAMFISA\nin time, will be under TCF scrutiny.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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<\/h3><\/span><\/div>
\u201cA customer is the most\nimportant visitor on\nour premises, he is not\ndependent on us. We are\ndependent on him. He is\nnot an interruption in our\nwork. He is the purpose of\nit. He is not an outsider in\nour business. He is part of\nit. We are not doing him\na favour by serving him.\nHe is doing us a favour by\ngiving us an opportunity to\ndo so.\u201d \u2014 Mahatma Gandhi<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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<\/h3><\/span><\/div>
TCF is a regulatory approach that seeks to ensure that specific, clearly articulated fairness outcomes for financial services customers are demonstrably delivered by regulated financial institutions.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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References<\/h5><\/span><\/div>
\n1. LAUTENBERG, C. (2011). Background and overview of the\nIncoming TCF Framework
\n2. Financial Services Board website
\n3. METZLER, R, HAMATA, I, MATOMOLA, K.S. (July 2013).\nBriefing Paper on Microlending Industry in Namibia<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

An overview of TCF Why treat the customer fairly? The irregularity of information between retail financial services consumers and financial institutions means that financial services consumers are particularly vulnerable to<\/p>\n","protected":false},"author":1,"featured_media":1324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[424],"tags":[],"class_list":["post-1321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-didyouknow"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/comments?post=1321"}],"version-history":[{"count":6,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1321\/revisions"}],"predecessor-version":[{"id":35526,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1321\/revisions\/35526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media\/1324"}],"wp:attachment":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media?parent=1321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/categories?post=1321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/tags?post=1321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}