It is essential that any service industry listens to and engages with its customers. One area the British are supposed to be world class in is complaining. We have plenty of issues to get our teeth into. The weather for starters, and the state of public transport the road system to name just a few of the usual suspects.Consumers now know they have rights and there has been a move toward more consumer pressure over the past decade. Expectations of service delivery are much higher now. In short, customers are more demanding. This is the case for both intermediaries and lenders. We have all been forced to review our customer facing skills and those who haven’t should do so now. There is an NVQ in customer service and, given some of my contacts with financial institutions, I can tell you some staff need to do this qualification. Sometimes things go wrong and you will face a customer complaint. This is a fact of service industry life but I reckon your customers’ complaints are some of the best feedback you’ll get. It is free and in many cases relevant. Yes, there are professional complainers out there but these can be spotted a mile off. Complaints come in various forms and it is essential they are all handled compliantly. It’s worth remembering the definition of a complaint is any expression of dissatisfaction, not only one in writing. Phone conversations and face to face meetings are all valid. I won’t take you paragraph by paragraph through the FSA’s Handbook and Dispute resolutions: complaints, but timeframes for responding, recording and reporting are just some areas for consideration. Remember the complaint must be dealt with using the regulatory procedure whether you think it valid or not. And note, it must be handled by a competent person who is not involved with the complaint. Complaints help businesses weed out bad practices and improve the customer offering. And customers’ expectations of the service they receive will continue to rise . Dealing with complaints can be time consuming and frustrating but think of the time spent on complaints handling as time well invested. Simon biddle
- Top trends
With just one week to go until the annual MBA convention and expo, the largest gathering of mortgage bankers in the US, Paul Muolo says the good time for the US mortgage market could soon come to an end following the impact of Hurricane Katrina
The Association of Mortgage Intermediaries has come out with some depressing statistics that, if true, show despite regulation having been around for almost a year, both lenders and brokers are still stumbling over the basics.
A report from independent market analyst Datamonitor reveals that the UK high net worth population grew by 12% in 2004, taking the number of wealthy individuals with more than 200,000 in liquid assets to over 916,000 and this number will continue to rise over the next few years. Many private banking providers are reviewing their […]
BM Solutions recently launched a batch of mainstream products starting at 3.75% in what was considered by some as a move to stave off negative publicity after the departure of key staff. Though the headline rates grabbed the attention of brokers, the fee of 1,499 led some to comment that the deals would only be […]
What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.
News and expert analysis straight to your inboxSign up