Home Buyer Systems launches TCF system

Home Buyer Systems has launched a stand alone Treating Customers Fairly system for mortgage and general insurance firms.

The new system will cover the key elements needed to ensure delivery of the six Financial Services Authority’s TCF outcomes. The facility covers financial promotions, complaints handling, and customer communications.

For the financial promotions checking and sign off process, the TCF facility uses a messaging system for promotions to be checked, commented on and signed off, creating a permanent record of the procedures being followed.

It also prompts review of promotions every three months and generates reports on all promotions ever used, those that are currently used, and those that are currently authorised for use.

Regarding the complaints handling procedure, the Home Buyer Systems TCF facility provides an audit trail, including all correspondence relating to it. It also offers a two-way messaging system between the compliance team and the advisor.

The customer communications element includes a diary-forward system that automatically prompts the adviser to re-contact the customer before their current product comes to an end.

Richard Angliss, managing director of Home Buyer Systems, says: “Many mortgage and general insurance firms may be finding it hard to grasp how a principles-based regulatory system can be translated into day-to-day processes.

“We believe that our new, stand-alone TCF facility contains all the must-have components to deliver the six FSA TCF outcomes, and that using it will give firms and networks confidence that they have sound evidence to prove that the TCF principle is being upheld within their organisation.”