In the move to principles-based regulation, there is probably no greater challenge than complying fully with Principle 6, requiring a firm to "pay due regard to the interests of its customers and treat them fairly" and to meet the FSA's six TCF required outcomes. It is not a difficult concept, nor is it one with which anyone is likely to disagree. However, it can be difficult to see how to turn the principle of TCF into tangible action and how to drive it through all the activities of the firm.

Demonstrating effectively that a firm complies with that principle of TCF in everything it does can be the biggest challenge of all. The challenge for any firm in a principles-based environment is to be confident of doing the right things, and doing them right. An independent view can help to give the confidence that you are taking the right steps and making sufficient progress.

OAC Actuaries and Consultants can give you the independent view that is so valuable. We can tell you:

whether management is successful in driving the TCF principle through everything the firm does;
whether the firm's products or services successfully meet the needs of the target market;
whether the firm successfully provides clear and appropriate information before, during and after the point of sale;
whether the steps taken to ensure that any advice given by the firm is suitable for the customer are effective;
whether after-sales care delivers on the expectations created at the point of sale; and
whether the data collected in measuring performance in after-sales care is being used effectively to ensure that any shortcomings are identified and remedied.