Treating Customers Fairly (TCF) in the South African Banking Industry: Laying the Groundwork for Twin Peaks

Abstract

This article examines South Africa's ‘Treating Customers Fairly’ (TCF) regime, deployed as aspirational from 2011, and its development into a legally binding regime with the imminent enactment of the Conduct of Financial Institutions Bill. TCF is principles-based and outcomes-determined, designed to protect financial consumers and ensure they are treated fairly and enjoy consistently good outcomes from financial service providers. The article examines enforcement and investigates current gaps in success by reference to Ombud data. The findings will be of relevance to other African countries contemplating the adoption of a Twin Peaks financial system regulatory regime of which TCF is a core component.