The aim of this framework is to outline PFA’s approach to Principle 6 of the Financial Service Authority’s Principles for Business in that ‘A firm must pay due regard to the interests of its customers and treat them fairly.’

This will include:

a) Paying due regard to their information needs;
b) Communicating information in a way that is fair and not misleading; and
c) Managing conflicts of interests fairly’.

PFA will look at all areas of our business on a regular basis to ensure that:

• Customers can be confident that they are dealing with a firm where the fair treatment of customers is central to our firm’s culture.
• We consider our customers when promoting new services and products and ensure that it is relevant to them.
• Our customers are provided with clear information and we keep them informed before, during, and after the point of sale.
• Where advice is provided, we take time to understand our customers’ situation and ensure that our advice is suitable and appropriate.
• We meet our customer’s expectations, providing them with a level of service and products that are of an acceptable standard.
• We will ensure that our customers can switch providers, change products, surrender policies and make any complaints without any undue barriers.

PFA expects the fair treatment of customers to be central to the behaviour and values of all Members. All staff and advisers are required to have a good understanding of what fair treatment means to both PFA and their own firm and what their responsibilities are to ensure delivery of this to all clients.

Business strategy and decisions should be aligned with the fair treatment of customers and processes should be in place to demonstrate this.

Positive behaviour and attitudes towards the fair treatment of customers should be key measure for the selection of staff and advisers. The results of effective training and maintenance of staff knowledge and behaviour should be evident and any reward structure should be transparent and recognise the fair treatment of customers.

PFA will help you to embed a strong culture of fair treatment within your business and will help you measure it. We will provide guidance to help you to identify existing practices that already treat customers fairly and to provide you with ideas of ways in which you can improve outcomes for customers.

PFA provides significant support to Members in relation to TCF and our guidance details how we can help you to meet your TCF objectives. Whilst it is apparent that treating customers fairly is a central objective to PFA Members, it is important that we work together to demonstrate our commitment to this.