Treating Customers Fairly (TCF) is the legislative and regulatory embodiment of a fair and more transparent customer environment, and promotes more efficient and equitable financial services.
BMW Financial Services South Africa (“BMW Financial Services”) is committed to behaving ethically and fairly in all its business relationships. Fair treatment of customers is central to the development and continuing success of our organisation and to the benefit of all our stakeholders including present, prospective and future customers.
By using the TCF outcomes to inform our customer principles, we have embedded TCF across the organisation, elevating it beyond regulatory compliance.
The six outcomes of TCF:
1. Customers can be confident that they are dealing with an organisation where the fair treatment of customers is central to its culture.
2. Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly.
3. Customers are given clear information and kept appropriately informed before, during and after contract inception.
4. Where customers receive financial advice, the advice is suitable and takes account of their circumstances.
5. Customers are provided with products and associated service levels aligned to customer expectations.
6. Customers do not face unreasonable post-sale barriers in relation to their contracts/ selected products including making a complaint.