#PolicyThursday | Conduct (aka. Treating Customers Fairly – TCF)
This topic has a tendency to take many names; Conduct, Conduct Risk, TCF to name a few. At CoVi, we split the approach to Conduct (this policy) from the Customer Communication which includes non-contractual customer considerations (e.g. Marketing, quotes etc.).
Therefore the requirements of the Insurance Distribution Directive (IDD) are largely captured in the Customer Communications while the old school TCF requirements are captured in the Conduct policy.
At CoVi Analytics we have boiled this policy down to 7 principles, supported by a list of controls that help the business achieve the intended outcome (see below).
How do you split your customer conduct considerations? If you, or someone in your network, wants to explore a completely new approach to drafting, reviewing and implementing business policies drop us a line at CoVi Analytics – firstname.lastname@example.org.
Context: Policies are used by Boards to set instructions for the business. However, these documents tend to be vague and cover other areas like training, generic governance or implications of failure to follow instructions.
At CoVi we are redefining how Boards deliver instructions through policies.