Put your Customer Experience solutions to work in demonstrating your commitment to, and compliance with, FCA regulations.
Your customer experience strategy shouldn’t just be about attracting and retaining customers. It should also be a means of doing the right thing. Make sure that your business stands up under scrutiny, with our help.
70% of buying experiences are based on how the customer feels they are being treated.
Fair treatment is at the heart of any good customer service. It’s a big deal and not just a ‘nice-to-have’.
In the UK, the Financial Conduct Authority (or FCA) actively regulates all financial services markets to ensure that fair treatment of customers is upheld, with an aim to protect consumers, safeguard industry integrity and promote healthy, fair competition. And a key tenet of the FCA regime – one that all regulated firms must follow in all their consumer credit activities – is Principle 6: “A firm must pay due regard to the interests of its customers and treat them fairly”.
It is integral that your organisation can demonstrate your compliance with this cause.
The best and most direct way you can validate Treat Customers Fairly (TCF) compliance is to incorporate TCF-related questions into your Omnichannel Surveys. This can provide you with hard evidence to show that customers feel they have been treated fairly, fully preparing you to pass the regulator’s ‘fair, clear and not misleading’ test. And if customers feel that something is amiss, you have the knowledge and power to do something about it.
With our real-time Alerts, you can be notified you as soon as somebody reports to have not been treated fairly, putting you in the position to actively reach out and put things right in a prompt and efficient manner. While our KPI and Verbatim Insights can lead you straight to any specific issues, enabling you to form a clear plan for Process Optimisation.
Putting these measures in place will not only demonstrate to the FCA that you understand, appreciate, and adhere to their requirements. It will also help you to foster strong Customer Relationships. Building trust, brand loyalty and repeat business – all core ingredients for any successful organisation.