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The Financial services is a term used to refer to the services provided
by the finance industry. Banks, insurance companies, investment banks
and brokerages are examples of the types of firms forming this
industry. They provide money and investment and related services. An
example of a related service is the offering by The Financial Training
Academy of training products for the financial sector.
The Financial Services Authority (FSA) is an independent
non-governmental body, given statutory powers by the Financial Services
and Markets Act 2000. The FSA are a company limited by guarantee and
financed by the financial services industry. The Treasury
appoints
the FSA Board, which currently consists of a Chairman, a Chief
Executive Officer, Managing Directors, and a number of non-executive
directors (including a lead non-executive member, the Deputy Chairman).
This Board sets the overall policy, but day-to-day decisions and
management of the staff are the responsibility of the Executive. The
overall aim of the FSA is to promote efficient, orderly and fair
markets and to help retail consumers achieve a fair deal.
Our course offering is focused towards the mortgage market. In this
sector, consumers; is the key word. Ensuring that mortgage advisors
deal with consumers correctly is a major focus of the FSA. Treating
Customers Fairly (TCF) is encapsulated by Principle 6 of the FSA's
existing 11 Principles for Businesses.
If Treating Customers Fairly is important to the FSA then it is our
obligation to deliver our products with a similar importance.
Candidates will be provided information on this and various other FSA
directives during the course.
Treating Customers Fairly is highly consistent with what the FSA aim to
achieve as part of their wider regulation of the retail markets:
Capable and confident consumers
Simple and understandable information for, and used by, consumers
Well-managed and adequately capitalised firms that treat their
customers fairly
Risk-based and proportionate regulation
Treating Customers Fairly is about balancing the customer’s
needs
with the firm’s needs, being absolutely clear about what the
firm
and its services offer and being transparent about fees and levels of
service. It is an example of where the FSA is allowing firms the
flexibility to decide how to best deliver the outcome of
‘paying
due regard to the interests of customers and treating them
fairly’.
We believe that a competent mortgage advisor is an individual who has
set his/her basis of delivering mortgage products as treating
their customers fairly.
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