Treating Customers Fairly

At DC Credit Protect Pty Ltd (DCCP), Treating Customers Fairly (TCF) is at the core of our business. TCF is a regulatory framework introduced by the Financial Sector Conduct Authority (FSCA) in South Africa. It is designed to ensure that financial services providers (FSPs) and debt counsellors treat their customers fairly throughout the customer journey. The framework consists of six principles or outcomes that establish a standard for customer treatment, ensuring that products and services meet client needs and are accompanied by clear communication.

We have summarised the Six TCF Outcomes that an FSP is expected to deliver, along with the processes we as DCCP follow to ensure these outcomes for our customers:

1. Culture of Fairness: Fair treatment of customers should be central to the company culture.  Any policy or product change should provide equal or greater benefits to the customer. For example, when replacing a policy from a credit provider, we ask: Does the replacement policy provide the same or better benefits, and is it offered at an equal or more competitive price? 

2. Appropriate Products: Products and services must be designed to meet the specific needs of the intended customer base, ensuring that they are suitable and beneficial for those targeted. We assess whether the replacement policy provides customers with the promised benefits and services, and whether customers can access those policy benefits when needed.

3. Clear Communication: Customers must receive clear and relevant information before, during, and after contracting. This ensures they fully understand the products or services, including the claims process and pricing. Customers should have a complete understanding of what the claims process entails and what they are paying for. DCCP, along with its partner debt counsellors and insurers, has an obligation to inform its customers of the benefits and to comply with all FSCA regulations regarding the provision of advice and the required documentation to both the client and the debt counsellor.

4. Suitable Advice: When advice is provided, it must be suitable for the customer’s individual circumstances, ensuring transparency about exclusions and benefits. i. Our customers are informed of all exclusions and benefits, how these may impact their coverage, and how to access services when needed. 

   
   

5. Performance Standards: Products must meet expected performance standards, and services provided should be of an acceptable quality, particularly when compared to alternatives. As an FSP, we may not and do not replace a policy unless our offering is demonstrably better and more cost-effective for the client.

6. Removal of Post-Sale Barriers: Customers must not face unreasonable difficulties when switching providers, submitting claims, or raising concerns. We ensure customers are informed of any potential challenges and how to overcome them.  This includes timely quality control, prompt distribution of documentation, and clear communication of all post sale processes like claiming and dispute resolution. 

DCCP is committed to full compliance with TCF principles, recognising that fair treatment is not only a regulatory requirement but also critical for building trust and providing financial protection where it is needed most. In the insurance and debt review environment, fair treatment can significantly impact clients’ financial stability and confidence in the services they receive. 

As a registered FSP, DCCP continuously monitors regulatory developments and updates its practices to remain compliant and client-focused. We encourage you to follow us on Facebook and LinkedIn for updates on regulatory changes, industry best practices, and insights into how we continue to put our customers first.