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Car Insurance -
Insurers worried about customer care - 29/03/2008 |
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A recent survey of companies in the financial sector has shown that most employees consider Treating Customers Fairly (TCF) the greatest area of regulatory risk and number one priority.
80 per cent of those asked highlighted this as a concern in the new research released by the Financial Services Discussion Club (FSDC).
Ian Gorham, Head of Financial Services at Grant Thornton, said: "There is some valid concern about whether the FSA and firms will have common expectations around TCF. This remains a key area of risk, and firms need to be doubly sure they have properly assessed and recorded their progress and successes. They should also ensure that solutions firms have come up with to TCF issues are right for their business. "
Many customers unhappy with their lender or home and car insurance provider often consider changing in order to find a company that treats them better and this risk hasn’t gone unnoticed.
Naomi King from Clearconcepts, which administers the FSDC, said: "TCF dominated agendas in the past year and it's no surprise that it's the top priority for firms in 2008.”
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