Wednesday, 13 March 2013 10:39
FCA demands better customer service to restore trust in firms
Martin Wheatley, designate chief executive of the Financial Conduct Authority, believes good customer service needs to become the "bread and butter staple" of City firms.
Speaking at the Chartered Institute of Securities and Investments on 12 March, Mr Wheatley said various financial scandals meant customer service and trust was becoming more important than ever.
He said: "Public expectations of conduct are at levels you simply could not have imagined ten years ago.
"The best firms, the most successful firms, the most trusted, are the ones that take customers seriously in this environment of expectation. The ones that understand the currency of trust in generating business.
"If financial services want to grow, if they want to restore the City's reputation for excellence, this is the lead they must follow. Customer focus has to become the bread and butter staple of financial services."
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He said the Financial Conduct Authority, which comes into power on 1 April, would be taking a much broader approach to regulation in all areas of the industry.
This would include intervening in client relationships and speaking with firms early on if the FCA expects the wrong outcomes are likely for consumers.
Mr Wheatley said: "We won't be captured by rulebooks and procedures. We'll be far more focused in future on the consumer. Putting the customer at the heart of everything we do and expecting the same attitude from firms.
"Where we used to devote most of our attention to big ticket issues like market manipulation, like the stability of market infrastructure, we'll now look more widely to protect consumers. Placing more emphasis on the fair treatment of counterparties. Placing more emphasis on creating a level playing field for market participants."
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Speaking at the Chartered Institute of Securities and Investments on 12 March, Mr Wheatley said various financial scandals meant customer service and trust was becoming more important than ever.
He said: "Public expectations of conduct are at levels you simply could not have imagined ten years ago.
"The best firms, the most successful firms, the most trusted, are the ones that take customers seriously in this environment of expectation. The ones that understand the currency of trust in generating business.
"If financial services want to grow, if they want to restore the City's reputation for excellence, this is the lead they must follow. Customer focus has to become the bread and butter staple of financial services."
{desktop}{/desktop}{mobile}{/mobile}
He said the Financial Conduct Authority, which comes into power on 1 April, would be taking a much broader approach to regulation in all areas of the industry.
This would include intervening in client relationships and speaking with firms early on if the FCA expects the wrong outcomes are likely for consumers.
Mr Wheatley said: "We won't be captured by rulebooks and procedures. We'll be far more focused in future on the consumer. Putting the customer at the heart of everything we do and expecting the same attitude from firms.
"Where we used to devote most of our attention to big ticket issues like market manipulation, like the stability of market infrastructure, we'll now look more widely to protect consumers. Placing more emphasis on the fair treatment of counterparties. Placing more emphasis on creating a level playing field for market participants."
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