CUSTOMER JOURNEY

enforcement needs to get further up the chain of command to look increasingly at those in senior management who fail to recognise and manage the risks their firm is running Tracey McDermott 2nd July 2012

You Never Get A Second Chance To Make A Good First Impression

We all know how vital that initial impression is geenrally and more so in the world of financial services where you are instantly trying to build trust and rapport with the potential client. There are the rules that have to be adhered to on disclosure and the ensuring that the clients realise that any comments are just generic advice and not specific personal recommendations.

You have set the policy, written the manual, recruited the people, got their buy in ..

BUT WHAT DO THE ACTUALLY SAY TO CLIENTS?

MONITORING

Is Everything Alright?
In the ever changing world of regulation, it is always essential for a firms senior management to be able to identify the risks posed to it by the people that represent it.

SYSC 5.1.1
A firm must employ personnel with the skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them. In an evolving regulatory environment there is an increasing need for all firms to gather evidence on whether their sales procedure and other marketing initiatives have had the intended outcomes and whether retail firms treat their customers fairly.

To Reduce Your Risk Turn Here

TCF OUTCOME 1 Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

REPUTATIONAL RISK

The FCAs approach will be to go a step further, so we can join the dots is what your senior management commit to consistent with the customer experience in reality. And we will use specialist teams to look at what you are doing in detail, in a range of ways, including talking to your front line staff, mystery shopping, or in-depth reviews.
Martin Wheatley, MD Conduct Business Unit FSA at the British Bankers' Association Jan 2012

Your company reputation can be damaged by any regulatory scrutiny applied for failing to adhere to its own rules and policies.
Not only does Senior Management have a responsibility to state how the company will be run, but it also has responsibilities under TCF outcomes 1, 2, & 3 as well as SYSC requirements to test and monitor the Customer Journey and make amends to areas that are found to be lacking. This is not only for the firm concerned but for any Appointed Representatives or Tied Agents it may have as well.

The Market Research Society (MRS) defines mystery shopping or mystery customer research as: The use of individuals trained to experience and measure any customer service process, by acting as potential customers and in some way reporting back on their experiences in a detailed and objective way.

Mystery shopping is a long-established research technique and is used extensively in many industry sectors, to measure the quality of service provided.

Correct Disclosure Clear, Fair & Not Misleading Correct Range of Services and

CALL 0800 689 9 689

With your clients becoming more demanding in the new world of Financial Services you have to make sure that you have everything right.
The Customer Journey is an important process that most firms are good at once a client is on-board. Many firms do not monitor or assess their various stages thoroughly and rely on the old world methods of sales and replacement business to provide some sort of measure of their prowess in TCF.

We can provide you with two critical and important areas that will demonstrate to the regulator that you have it covered, but more importantly you will be able to demonstrate as responsible and effective management that you will monitor and assess the customer experience throughout their journey.

The job of enforcement is to help the FSA change behaviour by making

Telephone - Inbound

it clear that there are real and meaningful consequences for those firms

Tracey McDermott acting director of the Enforcement and Financial

Our Consultants make calls pretending to be customers and report back on how the call was handled. We can provide digital recordings of every call to help you coach staff towards excellence. They can test how professionally your staff transferred calls as well as the regulatory disclosure requirements.

or individuals who dont play by the rules.

We provide you with a completed questionnaire that monitor all the points necessary from a sales and TCF perspective. You can then use this management information to present to your senior management your level of compliance.

Crime Division 2nd July 2012

Customer Satisfaction Research We can also interview your customers by telephone, on site or using our online survey feedback facility that is provided using your firms name. We can tell you what they think of your service and what they would like you to change or improve. This invaluable feedback provides you with areas that may need to be made more robust and even provide areas of service that they would like to see more of

Business-to-Business We can usually find ways of simulating a business calling your lines, though you may need to help us generate realistic scenarios.

What Gets Measured Gets Managed! Peter Drucker

Do

fac

es

W eo

Ar ey

ing

yo

ffe

ou rs

s it

ur

ua

bu

t io

s in ....

ra

oc om mp p ly lyi tai to ng lor FS to Ar ed th ule es pa er s in ck ule c li ag s.. en .? e t co

es
Audio

taf f

ns

es

sh

av et

monit oring es tra for in er il a boun and s vic d call urvey ca nd es s comp nb wi ca letion sale p ei th nb post rovid nt ou eo es top eg tco ffe and ta ra monit m te il re oring es dt di soluti an ou nr ons dM ea se lis in an t ic su ag sc bs em en eq en ar ue io s tI nt nf wi t ra or th m ini cle at ng ion ar pr au og to dit ra Mobile Site Droid Code be mm us ed es .

Th

e, od C s& the ail et ou an rD oY Sc T ou ck ey Ba av et Le ll G Wi We

CEI Compliance Limited

Tel: 0800 689 9689 Cell: 07801 864980 Fax: 07092 289901 lw@ceicompliance.co.uk

www.cei-compliance-limited.co.uk

CALL 0800

9 689 689

To Discuss Your Firms Needs