The role of the organization. “ QUO VADIS TUSSENGANGER? ” / “ QUO VADIS INTERMEDIARY? ”. Presented by: Brian van Flymen. The three strategic pillars. RECENT SUCCESSES. Pre-merger industry feedback - Negative. RECENT SUCCESSES. Pre-merger industry feedback - Negative 2008 FIA Dream.
“QUO VADIS TUSSENGANGER?” / “QUO VADIS INTERMEDIARY?”
Presented by: Brian van Flymen
Threats (Reality or Perception)
FSA (UK) (TCF
The FSA began studying the TFC programme in 2000,
published its first paper in 2001, and the programme
was officially launched in 2005.
Realties in the UK:
A change of mindset of the industry
Clarity of regulatory expectations
Education to encourage consumer responsibility
A supervisory approach that is pre-emptive and intensive
Enforcement and compliance
Developing products for specific target markets, based on a clear understanding of the likely needs and financial capability of each group of customers
Marketing products for specific target markets, based on a clear understanding of the likely needs and financial capability of each group of customers
Communicating clearly and fairly the nature of the product before the consumer is “locked in”.
Balancing the commercial objective of increasing sales with the objectives of Treating customers fairly.
With assessment, offering suitable alternatives to consumers.
Providing clear and appropriate information, making charges transparent.
Being clear to customers about what the firm, its products and services offer.
Monitoring and responding appropriately to changes in the wider environment that may affect products and impact on particular classes of new or existing customers.
Honouring representations, assurances and promises that lead to legitimate customer expectations.
Identifying common underlying causes of complaints and taking action to eliminate the root cause.
- Asymmetry of information
- Generally complex nature of financial products
- Consumer Education Department
Thank you (TCF