McLaren launches Treating Customers Fairly (TCF) culture assessment tool

The Financial Service Authority (FSA) has a retail regulatory agenda that aims to ensure an efficient and effective market and thereby help consumers achieve a fair deal.  From the FSA's report; Treating customers fairly – culture July 2007*, it is clear that they consider it to be a cultural issue.

The first consumer outcome defines one element of the value they wish TCF to provide for consumers:

"Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture."¹

Furthermore, the FSA explain that staff feedback from surveys, capturing whether they think the firm treats its customers fairly, is an example of good practice of Senior Management MI (Management Information).  Please see the bottom of page 11 of Annex 2B: http://www.fsa.gov.uk/pubs/other/tcf_progress.pdf

McLaren Solutions has launched a TCF-specific culture assessment tool that helps firms gain an understanding of their current culture profile against the key TCF culture drivers:

    -  LEADERSHIP                            -  CONTROLS
    -  STRATEGY                               -  RECRUITMENT, T&C
    -  DECISION-MAKING                  -  REWARD

The culture assessment contains 62 specific statements that relate to the key culture drivers for TCF.  All staff can quickly and easily complete the assessment, which will then contribute to the current culture profile of a specific team or the whole organisation.  The following image shows an example of a web-based assessment that staff would complete:

From the completed assessments, the results are compiled automatically, and can be presented in a number of ways (e.g for the purpose of management information or ARROW risk assessments).

The following shows the actual ratings achieved in a culture audit compared with the maximum possible ratings:

Example departmental average radar chart