TCF is known as Treating Customers Fairly. It’s a principle well known within the financial advisor and mortgage broker world. The Financial Services Authority (FSA) set the TCF guidelines to ensure people were receiving a fair deal with their mortgage, pensions or insurances.
At present, the TCF guidance does not applu to the debt advice industry because the FSA doesn’t regulate the industry. Organisations providing debt advice are regulated by the Office of Fair Trading.
As a debt advice charity, we believe in providing debt advice which follows the TCF principles.
TCF Debt Advice
TCF can be applied when helping people in debt too. It’s important that people who are in debt are given accurate, honest and tailored advice for their financial situation.
A complete review of income, expenditure, assets and liabilities should be recorded. This typically takes around 15 minutes. Once this information has been gathered, under a TCF debt advice process you would expect to receive advice on which debt solutions were applicable.
Questions every debt advice provider should be able to answer are;
What debt solutions are applicable?
How long will it take to become debt free?
What fees will I pay in the debt solution?
If applicable, what will happen to my house, car etc?
What will happen to my credit rating?
With each debt solution there will be specific information you will require to make an informed decision. At Debt Support Trust we follow a Treating Customers Fairly (TCF) debt advice system where advice is supplied for the benefit of the person in debt.
An Example of TCF in Debt Advice
It’s essential when providing debt advice that people have the information and knowledge to make an informed decision. One example of TCF when supplying debt advice is to ensure that all debt advice is being supplied. Furthermore, it’s important to explain the pros and cons of each solution, including the fees, to enable somebody with a debt problem to make an informed decision on their debt solution.
Receiving Debt Advice which Treats Customers Fairly (TCF)
There are many excellent resources you can turn to for debt advice where you will receive a high standard of care. For face to face debt advice we recommend speaking to the Citizens Advice Bureau who provide free debt advice. If you would prefer telephone debt advice then at Debt Support Trust we will be happy to help you.
You can contact Debt Support Trust on 0800 085 0226 or read about some debt solutions here.