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FSA and Treating Customers Fairly

FSA and Treating Customers Fairly. The FSA and TCF | Objectives. The aim of this training is to help you to understand... What TCF is and why it is important to Experian The 6 outcomes driven by the guiding principle around Treating Customers Fairly

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FSA and Treating Customers Fairly

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  1. FSA and Treating Customers Fairly
  2. The FSA and TCF | Objectives The aim of this training is to help you to understand... What TCF is and why it is important to Experian The 6 outcomes driven by the guiding principle around Treating Customers Fairly What customers and the FSA expects of Experian
  3. Modules The 6 outcomes of TCF What it means for Experian The FSA and TCF
  4. The FSA and TCF
  5. The FSA and TCF | Introduction Who are the FSA? The Financial Services Authority (FSA) are the independent body that regulate financial services in the UK. In order to do this they have been given a wide range of rule-making, investigatory and enforcement powers . What does this mean for Experian? The FSA regulate Experian products which contain insurance. We are only permitted to sell our insurance products on a non-advised basis. This means we can only ever provide customers with factual information, allowing them to make an informed choice.
  6. The FSA and TCF | Introduction Which Experian products are regulated? These Experian products are regulated by the FSA [hover over the CreditExpert logo and this text pop up shows – shown on slide 7] [hover over the ProtectmyID logo and this text pop up shows – shown on slide 7] [hover over the Autocheck logo and this text pop up shows – shown on slide 7] What is the FSA’s approach to regulation? The FSA’s approach to regulation is typically principles based. One of their principles for business is Principle 6. [Hover over box to load up slide 8]
  7. The FSA and TCF | Introduction CreditExpert has a mandatory insurance element to it, which is why the FSA regulates it. [hover over the CreditExpert logo and this text pop up shows] ProtectMyID product has an optional insurance element to it, which is why the FSA regulates it. [hover over the ProtectmyID logo and this text pop up shows] Autocheck has an insurance element to it, which is why the FSA regulates it. [hover over the Autocheck logo and this text pop up shows]
  8. The FSA and TCF | Principle 6 -Treating Customers Fairly Principle 6 of the FSA’s 11 principles is all about Treating Customers Fairly (TCF)
  9. The 6 outcomes of TCF
  10. The 6 Outcomes of TCF| The 6 Outcomes The FSA has outlined six core consumer outcomes that it wishes to see. These are: Outcome 1 - Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture Outcome 2 - Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly Outcome 3 - Consumers are provided with clear information and kept appropriately informed before, during and after the point of sale Outcome 4 - Where consumers receive advice, the advice is suitable and takes account of their circumstances Outcome 5 - Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect Outcome 6 - Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint
  11. The 6 Outcomes of TCF| What the outcomes mean for us Of the 6 outcomes, 4 of them relate directly to how we deal with our customers at the point of contact with them and it is important that we understand what these are. Outcome 1 Corporate Culture Outcome 3 Communication Outcome 4 Advice Outcome 6 No barriers [Pop up Outcome 1]
  12. The 6 Outcomes of TCF| Outcome 1 – Corporate Culture Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture. Each customer should receive the same level of service from our agents. Our Training programme provides a clear structure to ensure our agents are trained to have the required knowledge and skills to deal with questions. Every contact should be professional and focused towards the customer, demonstrating that we are listening to their queries and providing information relevant to their needs. By maintaining our integrity and by following the Data Protection and HSA requirements, we maintain trust in how we store and maintain our customer records. By putting the customer at the centre of what we do this installs confidence in our service and the products we offer making us the first choice for helping people better control and improve their finances and protect their identity [after page is read up to…..”and maintain our customer records” a title “In Summary” pops up and the paragraph above in blue fades in to appear] [APPLY LINK TO THE TEXT ON THE NEXT SLIDE AS A POP UP BOX titled AN IMPORTANT STATEMENT FROM PETE TURNER, FSA APPROVED PERSON]
  13. AN IMPORTANT STATEMENT FROM PETE TURNER, FSA APPROVED PERSON Treating Customers Fairly Treating customers fairly is an integral part of our business and a big part of what I stand for. You should make sure that whatever you do for Experian, you treat our customers fairly. It is very important. Customers entrust us with the privacy and protection of data and in keeping it secure. They rely on us to provide them with good value services. They also expect us to provide them with accurate information to help them better control and improve their finances and protect their identity. In all this we also have an obligation to treat our customers fairly. Fairly treating our customers affects each and every one of us. It’s something we should consider when going about our day to day jobs, in planning work for the future and when reviewing existing processes and customer service. If a customer is not happy we must listen to them and try to put things right. This must be done fairly, reasonably and correctly. If you think we are not treating our customers fairly please speak up - contact your line manager, one of my team or me.
  14. The 6 Outcomes of TCF| What the outcomes mean for us Of the 6 outcomes, 4 of them relate directly to how we deal with our customers at the point of contact with them and it is important that we understand what these are. Outcome 1 Corporate Culture Outcome 3 Communication Outcome 4 Advice Outcome 6 No barriers [Pop up Outcome 3]
  15. The 6 Outcomes of TCF| Outcome 3 – Communications Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale. Our customers are fully aware of the service we can provide and the details of the products they have. We provide Key Facts information at the point of sign up which the customer has to acknowledge that they have read before we complete the activation of their membership. We provide details of their membership outlining the detail of the products/service they have. Part of our ongoing service is around ensuring the customer keeps their reports up to date ensuring they receive the best from our products and services. By being clear and factual about our products and services, we enable the consumer to make their own informed choice [after page is read up to…..”from our products and services” a title “In Summary” pops up and the paragraph above in blue fades in to appear]
  16. The 6 Outcomes of TCF| What the outcomes mean for us Of the 6 outcomes, 4 of them relate directly to how we deal with our customers at the point of contact with them and it is important that we understand what these are. Outcome 1 Corporate Culture Outcome 3 Communication Outcome 4 Advice Outcome 6 No barriers [Pop up Outcome 4]
  17. The 6 Outcomes of TCF| Outcome 4 – Advice Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances. We do not provide advice to our customers and we must ensure that our non advice service provides information for customers to make their own informed decisions. We can ask specific questions around the customers needs and provide information to link to those identified to ensure our customers understand how the product they have fulfils their requirements. Under no circumstances do we provide or offer advice around the suitability of the products we offer. [after page is read up to…..”have fulfils their requirements” a title “In Summary” pops up and the paragraph above in red fades in to appear]
  18. The 6 Outcomes of TCF| What the outcomes mean for us Of the 6 outcomes, 4 of them relate directly to how we deal with our customers at the point of contact with them and it is important that we understand what these are. Outcome 1 Corporate Culture Outcome 3 Communication Outcome 4 Advice Outcome 6 No barriers [Pop up Outcome 6]
  19. The 6 Outcomes of TCF| Outcome 6 – No Barriers Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint. When a customer signs up to our service they have the right to cancel their membership at any time. We should not be putting unnecessary barriers in place to avoid or delay a cancellation. This does not mean that we cannot attempt to retain our customers by asking and talking them through the service they have. If after this conversation they still wish to cancel, we must honour that request. If the customer is not satisfied with either the product or the service, they have the right to show an expression of dissatisfaction and submit a complaint. To adhere to the TCF requirements we must ensure that we follow our standard CSC complaints process and not ignore these customer requests.
  20. What it means for Experian
  21. What it means for Experian| What’s the Expectation? The FSA and Our Customers expect Experian to…  Understand what the fair treatment of customers means  Encourage their staff to achieve this at all times  Promptly identify errors, put them right and learn from them. All firms regulated by the FSA abide by the FSA Business principle that; ‘A firm must pay due regard to the interests of its customers and treat them fairly’. Experian expect you to live these principles in everything you do at work. TCF is something we must embrace going about our day to day jobs, in planning work for the future and when reviewing existing processes and customer service
  22. The FSA and TCF | Assessment 1. Whose responsibility is it to adhere to the principle of TCF? A) Experian Senior Management only B) Everybody who works for Experian C) Experian Contact Centre Agents only D) Experian Team Managers only 2. What could happen if we are found to be in breach of the TCF outcomes? A) Experian could face enforcement action or fine from the FSA B) Nothing would happen as it is too difficult for the FSA to find out that a breach had occurred C) The FSA aren’t concerned about any breaches that occur D) All of the above 3. What is “Treating Customers Fairly” (TCF) all about? A) Providing advice, recommendations and opinions to help the customer make up their mind B) That customers are no longer expected to make decisions or take responsibility for them C) Providing information so that a customer can make their own informed decision D) That every firm must offer an identical level of service 4. How many desired TCF outcomes are there? A) 4 B) 6 C) 9 D) 11 5. Outcome 6 of Treating Customer Fairly mainly revolves around which of the following? A) There is no Outcome 6 B) Not creating unnecessary barriers to cancellation (No Barriers) C) Ensuring that we have a complaints process in place should a customer wish to express any dissatisfaction with our products or services D) B and C
  23. The FSA and TCF | Assessment 6. Which of the below examples best demonstrates Outcome 4 of Treating Customers Fairly? A) Ensuring the phone is answered within 30 seconds B) Introducing yourself C) Helping the customer find the Policy Summary Documents D) Refunding upon request 7. To maintain clarity during the sign-up process to Credit Expert, what is provided to the customer? A) Key Facts B) Verbal confirmation of the terms and conditions C) An introductory pack confirming terms and conditions (with a complimentary bottle of wine) D) None of the above 8. Why does Experian have a documented Training Programme? A) To ensure we have a consistent approach B) To provide a clear structure to our Agents C) To ensure that agents have the required knowledge and skills to answer queries D) All of the above A customer goes on-line to cancel their Credit Expert membership. What does the web site advise that the customer does ensuring that there are no barriers put in place to them cancelling their membership? A) Advise the customer to call the cancellation line and we will cancel their membership straight away B) Go to the www.creditexpert.co.uk website to find the membership cancellation button C) Call Equifax to cancel their Credit Expert membership and hope for the best D) Come and visit our Nottingham office in person and ask for their membership to be cancelled 9.
  24. The FSA and TCF | Assessment 10. Why does Experian choose to follow a “Non-Advised” Sales approach? A) Experian would have to send a 3 page report to the FSA for every advised sale made to explain what advice was given B) It is a proven technique which increases sales volumes by at least 90% C) It allows the customer to receive all of the facts so that they can make their own informed decision D) We don’t want to give the customer too much help as it’s bad policy
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