OPTIMA CONSULTING LAUNCH TCF ASSESSMENT TOOL

Meeting the requirements of the Financial Services Authority (FSA) Treating Customers Fairly (TCF) initiative remains one of the key challenges facing all financial services companies in 2008. In its latest update published on 30 June 2008, The Financial Services Authority (FSA) stated that only 13% of relationship managed firms met the March deadline to have in place the necessary MI to measure fair customer outcomes. They went on to say that they expect all firms to undertake a significant amount of further work with a great deal of energy to ensure that they meet the December 2008 deadline.

Optima Consulting has developed a TCF assessment tool, that provides firms with an assessment of progress to date and a clear implementation plan with prioritised recommendations detailing key actions and milestones for 2008. This action plan will ensure that the Dec 2008 deadline is met with confidence. The tool assesses progress against each of the six customer outcomes through a series of interviews and evidence based examination of processes and practices. Interviews are conducted with a range of individuals at all levels across marketing, servicing, distribution and compliance functions

Martin Slater of Optima Consulting said:

“Most firms will have been undertaking internal assessments of progress towards achievement of the six customer outcomes, but as the deadline for embedding TCF approaches, it is vitally important to have an independent view. That is why we developed our unique TCF assessment tool. We were very interested to note that the FSA made reference to encouraging firms to seek external assistance in their report. ”

Martin continued:

“The skills and experience of the team are crucial. Optima Consulting has a clear track record for speed to value, so we can ensure that clear action plans are produced and resource is allocated to key priorities. Within the Financial Services Practice, Optima Consulting has a senior team of experienced financial services professionals with a background in marketing, customer service and sales. We have had responsibility for TCF in provider firms so we have a thorough understanding of the issues. Combined with our track record of providing customer management solutions for major blue chips companies, such as Dell, Sky, RBS and Standard Life, we believe it is a truly unique offering. We believe that there is a huge opportunity for firms which take the initiative on TCF to achieve real competitive advantage.”

The FSA have stated that there will be a regulatory dividend for firms which are consistently treating customers fairly. The competitive advantage in terms of business retention and new business growth to be gained from truly adopting the customer centric approach which underpins the TCF outcomes could be even greater.

Martin concluded:

“We are really excited by the opportunity which the TCF agenda offers to financial services companies to truly differentiate their offering, and look forward to working with firms to help embed the culture and practices of customer centricity within their organisations”.

ENDS

Contact
Martin Slater
07968 475194
martin.slater@optimavalue.com

Notes

Optima Consulting is a marketing consulting company based in Edinburgh. Established in 2004 it has consultants from established consulting and blue-chip line management backgrounds all with over 15 years experience of working in marketing, customer management, data driven marketing and marketing efficiency.

The Optima Consulting TCF Assessment Tool is tailored for each individual client. Typically an assessment will involve interviews with around 15 individuals from across the organization. Interviews will focus on 19 key themes across the six customer outcomes, evidence of process and performance will be gathered and assessed as part of the analysis.

OUTCOME	THEME
Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture	Theme 1: Brand Theme 2: Internal Communications Theme 3: H.R. Practices Theme 4: Customer Information
Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and targeted accordingly	Theme 1: Product development process Theme 2:Consumer research and segmentation Theme 3: Marketing communications approach and practice
Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale	Theme 1: Pre sale communication Theme 2: Communications round the sale Theme 3: Post sale communications
Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances	Theme 1: Advice process Theme 2: Internal monitoring procedures Theme 3: Consumer feedback
Outcome 5: Consumers are provided with products that perform as firms have led them to expect and the associated service is both of an acceptable standard and as they have been led to expect	Theme 1: Setting expectations Theme 2: Measuring and expectations and outcomes Theme 3: Service expectation and acceptability
Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaints	Theme 1: Switching Theme2: Claiming Theme 3: Complaining

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