FSA reports improved fairness for finance customers

FSA REPORTS IMPROVED FAIRNESS FOR FINANCE CUSTOMERS

A number of financial services firms have taken steps to improve their level of fairness when dealing with customers, the FSA reports.

FSA managing director Clive Briault said his organisation had been pleased to note examples of companies carrying out analysis to identify areas where they are not meeting standards in treating customers fairly.

He also highlighted the fact that a number of senior executives had started referring to treating customers fairly not as something they are obligated to do by the regulator but as the natural way of describing how they should interact with their customers.

"Treating customers fairly needs to be embedded into the culture of a firm at all levels, so that over time it becomes business as usual. This is very much a responsibility of senior management, not just a compliance issue."

Mr Briault said he also welcomed steps taken by trade associations to help their membership understand what treating customers fairly means for them.

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