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Are all Your Advisers Playing By the Rules?

Are all Your Advisers Playing By the Rules?

As the clock runs down toward the PPI claim deadline this summer, the ticking clock seems only to have spurred claims management companies to even greater efforts to track down customers who may once have had PPI so that they can raise a mis-selling claim. Financial services providers must be scratching off the days on their calendars towards 30th August when time finally runs out on any more claims being raised. For the rest of us, the thought of not receiving sales and marketing calls, emails, pop-up ads and the like asking us to check if we have ever had PPI will seem like a welcome relief.

One thing that is for sure is that the industry has learnt some painful lessons and the governance and control processes that are in place have been tightened up in a bid to prevent any recurrence of such issues in the future.

When people hear the term mystery shopping in terms of financial services, they think of network-wide secret customer visits to monitor the basic customer experience in branch, and this does have its place, but our financial services clients rely on us to help them do more than just manage their customer experience in branch.  In fact, we even go further than helping them compare how they stack up versus the competition or testing ‘moments of truth’ such as purchases or complaints.

Many financial clients are keen to protect themselves and their customers by ensuring that the Advisers who sell their products are exhibiting best practice and complying with all the relevant regulation.  Mystery shopping provides a truly objective measure of compliance, since customers will not remember enough detail and internal observation is unrealistic as behaviours will inevitable change with “Big Brother” looking over the Adviser’s shoulder

So how do we do this?  With the complexity of financial regulations and company policies how is a mystery shopper meant to be able to report at the end of their experience if it was compliant with all the relevant legislation?  Well, the short answer is that they do not.  Instead, covert audio recordings of Adviser-Customer interactions means that client compliance teams can hear real-world examples of the sales processes and ensure that their teams are living up to the highest of standards.

From packaged current accounts to credit cards, insurance quotes to mortgage enquiries, we help our clients to make sure that they are not going to feature on the next mis-selling scandal headline.

If you would like to hear more about how we can help your business to stay scandal-free, why not get in touch? Russell.Bennett@esa-retail.co.uk

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