Treating Customers Fairly

PrePay Technologies has been successfully able to demonstrate its compliance with the Treating Customers Fairly (TCF) initiative.

The Key Commitments of the TCF Initiative include

Each member of the Electronic Money Association, which is regulated to provide a payment service, undertakes that:

• Customers can be confident that they are dealing with a firm where fair treatment of customers is central to its corporate culture;
• Products and services marketed to consumers are designed to meet the needs of identified consumer groups and are targeted accordingly;
• Customers are provided with clear information about the products and services provided, including fees and other charges, and are kept appropriately informed before, during and after the point of sale;
• Customers are given the opportunity to ask questions about the firm’s products and services both before and after they become customers;
• Customers are given reasonable notice of changes to the firm’s terms and conditions, including fees and charges;
• Customers are provided with products which perform as they have been led to expect by the firm and the associated service is of an acceptable standard and as they have been led to expect; 
• Customers’ personal information is treated as private and confidential and the firm operates secure and reliable payment systems;
• Customers will not face unreasonable post-sale barriers to submitting a complaint or making a claim;
• Complaints will be handled sympathetically, as quickly as reasonably possible and in accordance with the regulatory requirements;
• Customers who are not satisfied with the firm’s response to a complaint can take their case to the competent Financial Ombudsman, or independent arbitration service; and
• Staff are trained and managed in ways, which promote fair treatment of customers and the firm’s performance in meeting these standards is monitored closely.

General enquiries about this code of practice can be directed to the Electronic Money Association by phone: +44 20 8399 2066 or e-mail: thaer.sabri@e-ma.org 

Enquiries relating to an individual firm should be addressed to that firm.