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How To Deliver the 6TCF Principles

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The Treating Customers Fairly (TCF) principles emphasise that all FCA-bound firms need to hold customers dearly at the centre of their business models. Consumers prioritise value for money, and they often seek products from trusted brands. There are six consumer outcomes (principles) that firms are required to meet to ensure that they treat their customers fairly.

What is TCF?

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The Financial Conduct Authority (FCA) established the TCF principles to serve as a basic regulatory framework on how finance brands can relate well with their customers. The TCF outcomes are regulatory approaches that encourage financial institutions to nurture positive relationships with their clients as they are rooted in the fair treatment of customers.

 

These outcomes need to be adhered to during the entire product lifecycle from design to promotion, advice and servicing, complaints, and the product value chain. TCF codes form the fundamental components of the new Market Conduct Regulator’s mandate as far as the Twin Peaks model is concerned.

 

The Financial Conduct Authority sees TCF as a supervisory approach to ensuring fairness and integrity in the financial ecosystem. Here are the 6 TCF principles and how to deliver them.

The 6 TCF Principles/ Outcomes:

 

  1. Consumers can be confident they are dealing with compliant firms. This rule centres on company culture and governance, which means your firm needs some form of business compliance to be a trusted brand in the eyes of consumers.
  2. Products and services are built to satisfy the demands of identified consumer groups and are targeted towards them. So tailor your products and services to suit your individual clients.
  3. Consumers are provided with clear information. Effective customer-firm communication is the key here. So, always keep customers in the loop from A to Z on relevant information.
  4. Advice is suitable and takes account of their circumstances. When giving customers advice concerning automotive sales, factor in their unique cases and make sure the advice is appropriate.
  5. Consumers are provided with the associated service of acceptable standards. In summary, your performance and standards must meet consumer expectations.
  6. Consumers do not face unreasonable post-sale barriers imposed by firms. Make it easy for clients to switch providers, change products and submit claims or complaints.

Why is TCF important to Automotive firms and clients?

Automotive Systems (UK) Ltd offers a TCF software solution, and this application effectively meets its design objectives.

With over 30 years of experience in the industry, we have built a paperless and seamless system that combines robust Financial Conduct Authority (FCA) compliance and a helpful reporting facility. Automotive firms can use this platform to scale up their performance.

With TCF, every team member will get to sell their finance with a high level of confidence in the tailored software for automotive firms and clients. Enhance your dealership by handling multiple product providers and products.

About Automotive Systems TCF and why it is a Comprehensive Tool used across the Automotive Industry

Over the past 15 years, we have partnered with the UK’s leading auto dealer networks to enhance their operations.

Automotive Systems UK Ltd (ASUKL) boasts sophisticated and flexible TCF systems to empower dealers to maximise their profits while fully complying with regulations.

The industry has widely adopted our comprehensive tools because of their proven automotive sales and business compliance benefits. With ASUKL TCF, you can bring the bad days of compromising big deals or not meeting compliance to a halt.

Establish working chemistry between your compliance and performance by leveraging the Automotive Systems UK Ltd TCF application right now.

Contact us here to deliver on customer fairness today and receive better business tomorrow

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