Here's a quiz question. What does ‘TCF' stand for? No prizes for guessing - well hopefully not guessing but actually knowing - that the answer is Treating Customers Fairly.
It is an expression that is making a comeback in the new world of investor outcomes, but a decade ago was at the heart of what everyone was doing. Then it seemed to quietly drop off the agenda as we got caught up with talking about RDR. I ask the TCF question because a slightly irate fund manager confided in me recently that his head of compliance had told him with great certainty that TCF actually stands for Treating Customers Equally. There is so much wrong with that. Quite how the ‘F’ in TCF could be a word starting with an ‘E’ is beyond me. The fact the compliance officer does not...
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