Financial Services Failing to ‘Treat Customers Fairly’, Report Finds

March 8, 20194min

Over half (52 percent) of financial services customers feel firms treat consumers unfairly, according to new research.

A new report by Voice of the Customer (VoC) pioneers Maru/edr is based on a study into customer treatment in the financial services industry, which interviewed 1,000 independent customers who held at least once financial product in the UK in the last 12 months.

 The study tested key components of the Financial Conduct Authority’s (FCA) Treating Customers Fairly (TCF) policy by questioning respondents about their perceptions and experiences of financial service providers. The TCF initiative requires brands to consistently demonstrate that fair treatment is part of their business culture – and suggests customer feedback is one of the most effective and efficient ways of doing this.

The study reveals that 62 percent of finance customers were aware of the FCA’s fair treatment policy. Despite this, findings illustrate that financial services firms are failing to capture feedback – and therefore demonstrate fair treatment – from 17 million customers every year. The report found:

  • 84 percent of customers who hold at least one finance product would willing to give feedback to their bank or financial services provider if given the opportunity – yet less half (45 percent) had been invited to partake in research within the past twelve months.
  • Just 30 percent of UK consumers currently rate the communications they receive from their financial services provider as highly with under half (48 percent) stating that they felt communication held a relevant, personal appeal to them. Under half (47 percent) of financial services customers also believed they currently receive the right amount of communication from their financial service provider(s).
  • Encouragingly however, almost three quarters of respondents (70 percent) felt communication from their existing finance provider was at least clear. It marks a significant shift for the industry – just three years ago, the FCA urged finance firms to stop using excessively complicated language in a bid to reduce customer complaints.

Steve Brockway, Chief Research Officer at Maru/edr, said: “Customer feedback is vital for brands looking to protect and grow their market share. Yet for financial brands, customer feedback holds even more value in both improving services and demonstrating FCA compliance.

“There’s clearly an appetite from customers to have their voices heard – the growth of review sites is testament to the expanding feedback culture we now live in. But financial services brands are clearly currently missing a huge opportunity leaving customers feeling unfairly treated.”


Paul Ainsworth

Paul Ainsworth

Experienced Irish journalist and former newspaper editor now helming executive editorial duties with Customer Experience Magazine, the UK's premier online source for Customer Experience news, features, and opinion, along with its sister site, CXM World.




Inform. Inspire. Include.
A free way to improve your business.

Customer Experience Magazine is the online magazine packed full of industry news, blogs, features, reports, case studies, video bites and international stories all focusing on customer experience.


CONTACT US

CALL US ANYTIME


UK Trademark UK00002648900

EUIPO Trademark 018131832

Contact Information

For article submissions:
Editor
Paul Ainsworth
paul@cxm.co.uk

For general inquiries, advertising and partnership information:
aleksandar@awardsinternational.com
Tel: 0207 1932 428

For Masterclass enquiries:
vuk@awardsinternational.com
Tel: +44 20 86385584

Customer Experience Magazine Limited
Company number: 12450532
International House, 24 Holborn Viaduct,
United Kingdom, London, England, EC1A 2BN

JOBS IN CUSTOMER SUPPORT

Find a job in customer support with Jobsora


Newsletter


vape: evod 4 in 1 vape pen instructions pdf juul vaping illness all in one vape mod how much ejuice per day uwell crown vape coconut oil new regulated mods ecig vaporizer box mod temp control ecig pluresie vape box mod battery e cigarette batteries evod best vape online store e cigarette forum health best vape hardware site cdc warning about vaping best rechargeable vape pen what states have banned vaping uncle meringue rx200 vaporizer uwell crown 3 vs valyrian eleaf ec is vaping marijuana safe smok customer service number usa e cigarette study uwell crown rafale uwell rafale x rda review rip tripper

cbd oil: cbd american shaman review cdb capsules cbd manufacturers private label cbd for anxiety in children canna nano cbd cbd interactions with other medications does cbd test positive on a drug test high cbd spectra complete oil hempsters cbd flower hemp bombs cbd vape cbd calming effect conference venue sydney cbd tennis shops melbourne cbd que significa hot cbd get you high reddit cbd oil warfarin cbd companies hiring tbc benefits cbd k tape minnesota do you need a perscription for cbd oil iowa cbd oil dispensary hydropro cbd oil oil cartridges for cbd oil pill definition hi ow often do i take cbd oil cbd when drunk

male enhancement: how erection works ss increase how can i get my dick bigger men with erect penises makemine bigger lasting longer in bed pills steroid cock masturbating tips for guys penis enlargement excersise male enhancement in canada average penis photos wife wants bigger dick prescriptions online doctor penis increase food supplements to blue pill with v on it alpha king ingredients what is pde5 testofen fenugreek whats the point of a cock ring men shooting big loads wellbutrin sexual side effects male enhancement free trial offers small your dick male enhancement guy bob rhyno wife

weight loss: armour thyroid weight loss cymbalta weight loss phosphatidylserine weight loss makonnen weight loss truvision weight loss pills inspiration for weight loss cellucor weight loss reviews honey boo boo after weight loss senior weight loss tapeworm for weight loss weight loss websites for free weight loss quickly are rice cakes good for weight loss healthy shake recipes for weight loss does fiber help weight loss weight training for weight loss routine melt down diet pills cortisol and weight loss philippine diet pills walmart appetite suppressant where can i get ephedra diet pills texas weight loss center killeen tx best diet pills without jitters alum powder for weight loss quick weight loss methods diet hgc weight loss shot