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Treating customers fairly : the South African Banks' state of adherence from the customer's perspective.

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The Financial Services Board (FSB) has introduced the Treating Customers Fairly (TCF) regulation in the South African financial services industry. Prior to this, the FSB conducted a baseline study that included South Africa’s four major banks in which it assessed the state of readiness in terms of implementation of principles that embrace fair treatment of customers by financial services organisations. This study aimed to identify whether or not a gap existed between the expectations of the FSB, the application of the TCF outcomes by the financial services organisations in comparison to the customers’ end-to-end experiences of the delivery of the TCF outcomes. For this study, a total of 430 questionnaires were distributed to customers that use the products and services of the four major banks within KwaZulu-Natal. This sample was based on the literature review conducted. Of the 430 questionnaires distributed, 356 were returned giving a rate of response of 83%. This research found that there is misalignment in the view and evidence provided by the banks to the perceptions of the customers that they serve in terms of the delivery of TCF outcomes and has identified the scope of opportunity that exists for the four major banks to realign their delivery of the fairness outcomes in order to adequately satisfy the FSB’s requirements and expectations of their customers. It is recommended that, as part of the self-assessment criteria, an assessment tool drawing insights that measure customer satisfaction of the delivery of TCF outcomes be formulated. This tool would have to be constructed such that the ratable outputs are inter-related to the tool that measures the application of TCF by the financial services organisations particularly the four major banks under study.


Master of Business Administration. University of KwaZulu-Natal, Westville 2015.


South Africa.--Financial Services Board--Rules and practice., Industrial safety--Law and legislation--South Africa., Financial services industry--Standards--South Africa., Banks and banking--Standards--South Africa., Theses--Business administration., Treating customers fairly.