There has been a great deal of talk about treating customers fairly over the years, with the FSA heading up an aggressive campaign to insure that its rules were meet in this arena.
We all of course need to have definitions and explained criteria for TCF which were not always clear and maybe just a little over the top when it came to 'smaller brokers'.
So some years on has TCF helped the clients we deal with? Has it made an impact? It would be fair to say that TCF has helped both clients and brokers alike, setting a standard for us to offer as an industry, however many of the set out rules were totally unnecessary and over the top. Simple rules to abide and police would have been the answer.
With regards to Professional Indemnity insurance claims over this period directly related to TCF have not been a problem for brokers and the cost for Professional Indemnity insurance has not increased in the broker sectors, although it would be fair to say that perhaps in other areas such as banking and the motor industry where insured products have been sold, Professional Indemnity insurance claims have increased and rightly so.
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