Put simply, MI is data or statistics which is collected and used to measure performance in given areas of a business – and drive change for improvement where needed.
The FCA set a deadline of the end of March 2008 for firms to have appropriate MI or equivalent measures in place to test whether they are treating their customers fairly.
Now that the deadline has more than passed by a lot of years, as part of TCF you need to be able to show how you are using MI to:
Bear in mind that TCF MI is about much more than simply analysing data on consumer satisfaction – a ‘satisfied’ customer may not always have been treated fairly.
From December 2008 TCF became ‘business as usual’ – this means that financial firms must be able to demonstrate to the FCA that they are consistently treating customers fairly. Effective MI will ensure you can do this.
In summary Management Information is used to provide evidence that TCF is embedded in a company culture