The Group recognises the responsibility we have to our five million customers, as both custodian of their financial assets and supplier of their pension needs and life cover. Treating Customers Fairly ('TCF') is at the heart of our business, and all staff regardless of where they work are fully aware of the importance of TCF.
Our TCF proposition is:
- To offer our customers security and opportunities for growth.
- To drive new standards and behaviours in the management of ‘closed book/run off’ businesses.
- To deliver the behaviour that a properly informed and prudent customer is reasonably entitled to expect of us and to deal with all of our customers honestly, openly, competently and with integrity.
- To have an informed understanding of our customers’ needs.
- To be committed to helping our customers get the most out of their relationship with us.
The Group supports industry-led initiatives which benefit our customers. An example of this is the ABI and industry-backed Origo 'Options' service, originally launched in 2008, to speed up the processing and payment of Open Market Options, and Immediately Vesting Personal Pension transfers. We are pleased to report that our processing times have significantly reduced since going live with this process, following a number of internal initiatives to utilise fully the 'Options' capability. To find out more about Origo's 'Options' service, please visit Origo's website.
We are committed to keeping our customers informed throughout the product lifecycle by providing relevant and timely information. The Phoenix customer website has been relaunched, providing customers with additional information on products and services, including downloadable 'how to' guides.
Through a regular programme of surveys and one-to-one interaction with our customers, we are able to gain a better understanding of customer expectations, and identify any areas of improvement that are required first hand. Our aim is to provide a responsible, fair and helpful service. The Group treats all customer complaints seriously and aims to ensure fair and prompt treatment. Ownership of each complaint is clearly identifiable, with trust and confidence being built throughout the process. Read more about the Group's complaints.
The Group is a corporate member of the Plain English Campaign, demonstrating its commitment to provide customers with communications that are fair, clear and not misleading. The 'All Formats' charter mark is referenced on customer communications, highlighting that information is available in alternative formats, such as large print, Braille, on cassette or CD.