In 2011, the Financial Services Board (FSB) announced they would be launching Treating Customers Fairly (TCF) in South Africa. Last year, Northwood released a blog that noted a few instances of non-compliance from financial planners. TCF is a relatively new Financial Services requirement, and is meant to ensure that those who practice in the Financial Services Industry provide their clients with suitable products and services.
In the event of a dispute, it also requires Financial Service Providers to be able to prove they have delivered on the six TCF principals. Unfortunately, many FSPs are still in contravention. Recently I came across two such cases. Continue reading