Businesses today operate in a world of ever-changing regulations with the insurance industry a perfect case in point. Companies already need to comply with rules such as the Financial Services Authority’s Treating Customers Fairly (TCF) initiative as well as ensuring the meet tightening solvency regulations.The new financial year will see a new regulation become law. On April 6, the Consumer...
The financial services industry is currently facing major issues when it comes to customer service. Following scandals such as the misselling of products such as Payment Protection Insurance (PPI) and major technology problems at RBS, consumer confidence is at an all time low. No wonder that an increasing number of customers are looking to take their business elsewhere.As part of its remit to prot...
The problems that have beset customers of NatWest, RBS and Ulster Bank over the last few days couldn’t really have come at a worse time for the banking industry. An alleged technology upgrade at RBS that went wrong meant that many of its 17 million customers couldn’t access their accounts through online banking or ATMs and stopped many payments from processing.Many people and politicia...
When it comes to poor customer service, companies selling financial products, from insurance to bank accounts never seem to be out of the news. Hot on the heels of record payouts for the misselling of Payment Protection Insurance (PPI), card and identity protection company CPP is being investigated by the Financial Services Authority (FSA) for ‘alleged failings in sales calls’.Against ...