What is Treating Customers Fairly?
Treating Customers Fairly or TCF as it is also known, is a requirement of the Financial Conduct Authority, the main regulator of the payday loan industry. TFC is all about putting customers at the centre of your business, listening and understanding their needs and creating a culture that treats them fairly. Here is the definition below from the FCA website:
TCF procedures have been implemented in order to ensure a fair deal for consumers. In an industry with high-cost credit, it is essential that relevant processes are in place in order protect consumers. Customers should expect a good service when they visit our site and they should not be misled. Making sure that a customer is treating fairly and has reasonable expectations is a responsibility of the lender or affiliate and not that of the regulator.
The six consumer outcomes
The objective of TCF is to create a fairer and more effective payday loan industry. To achieve this, the FCA identifies six core consumer outcomes to constitute fair treatment.
How The Lenders List treats customers fairly
At The Lenders List, we have always considered that we have Treated Customers Fairly and we are committed to acting in the best interests of our clients at all times:
- We offer a completely free service to the customer, simply listing the different lenders and allowing them to click through to the lender’s website of their choice. We receive a commission from lenders if a customer’s application has been successfully funded.
- We will ‘not take advantage or our customers‘ by sharing their personal information. We do not request personal information on the site nor do we sell it on to different companies. Our website is also on a secure server ‘https’ to offer some additional protection.
- We show ‘full clarity of the offer’ by transparently showing the cost of the loans that the lenders offer. The individual lender pages have a full payment example and the checks that they run. We also include warning labels on every page of the site to emphasize the risk of high-cost borrowing. We have strict criteria for the lenders that we feature, ensuring that they are direct lenders, have a Consumer Credit License and an active FCA license.
- Provide continuous training to ensure our staff have the right skills and knowledge to do their jobs effectively.
- Engage in active consultation with our clients so that we fully understand their needs and requirements.
We take complaints handling very seriously and are committed to providing a quality service for our users. We want to ensure that our users are happy with the service that they have received on our website and have had a good experience with the lender which we have recommended.
You can contact us in the following ways:
write to us – 72 Copperfields, High Wycombe, Buckinghamshire, HP12 4AN, UNITED KINGDOM
Upon receiving your complaint:
- You will receive a response in 24 hours or less (on any working day)
- We will endeavour to resolve your complaint on the same working day
- If you complaint has not been resolved on the same day, we will send you a formal letter within 5 business working days explaining the nature of your complaint and how it is being dealt with
You will receive an update no later than four weeks after making your initial complaint to let you know the outcome of the investigation. If for some reason we have been unable to reach a resolution at this stage and further investigation is required, we will write to you at this stage informing you of the reason for the delay. We are committed to ensuring that you receive a final response letter within eight weeks of the Company receiving your complaint.
If you are not happy with the resolution offered, you can request a formal review from our Complaints Managers or failing this contact the Financial Ombudsman Service.
Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Telephone: 0800 023 4567. Email: firstname.lastname@example.org