Poor complaints management can result in unwanted regulatory attention, fines and costly remediation. It also has a negative impact on customer relationships.
CCAS can make sure you do complaints management well. Keeping you the right side of the regulator and building customer loyalty.
A key indicator of compliance
The FCA actively monitor customer complaints. They use this information as a key indicator of how compliant firms are. Those who act in a way that suggests complaints are a nuisance to them are unlikely to have a culture that promotes positive customer outcomes. Those who see complaints as an opportunity to put things right for the customer, build loyalty and fix failings; will be considered by the regulator to be doing the right thing.
Good complaints management involves putting effective processes in place. This starts with ensuring that customers know about their right to complain and what they need to do to raise a complaint. Staff must be able to recognise when a customer is making a complaint and act accordingly. This includes acknowledging the complaint in the right way and handling it within appropriate timescales. Behind the scenes firms must ensure complaints are recorded and tracked correctly. These records should be analysed to uncover the root causes of complaints, so that the firm can proactively improve customer experience.
Firms who can demonstrate that these activities are set up and routinely happening will be considered favourably by the FCA. Good complaints management also builds better customer relationships which is good for business, and fixing root causes saves the cost of dealing with complaints in the future.
With many years of experience and knowledge, CCAS is an expert in complaints management. We can help you turn customer complaints into a competitive advantage and ensure that you’re compliant with regulation.
To find out how we can help with your complaints management, get in touch with us today by clicking the button below.
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