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In an evolving regulatory environment thereis an increasing need for all firms to gatherevidence on whether their sales procedureand other marketing initiatives have had theintended outcomes and whether retail firmstreat their customers fairly.

Is Everything Alright?In the ever changing world of regulation, it

is always essential for a firm’s senior

management to be able to identify the

risks posed to it by the people that

represent it.

SYSC 5.1.1A firm must employ personnel with the

skills, knowledge and expertise necessary

for the discharge of the responsibilities

allocated to them.

You Never Get A Second Chance To Make A Good First ImpressionWe all know how vital that initial impression is geenrally and more so in the world of financial services where you are instantly trying to

build trust and rapport with the potential client. There are the rules that have to be adhered to on disclosure and the ensuring that the

clients realise that any comments are just generic advice and not specific personal recommendations.

You have set the policy, written the manual, recruited the people, got their buy in …..

BUT WHAT DO THE ACTUALLY SAY TO CLIENTS? To Reduce Your Risk

… Turn Here

“…enforcement needs to get further upthe chain of command – to lookincreasingly at those in seniormanagement who fail to recognise andmanage the risks their firm is running”

Tracey McDermott 2nd July 2012

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Your company reputation can be damaged by any regulatory

scrutiny applied for failing to adhere to its own rules and policies.

Not only does Senior Management have a responsibility to state how the company will be run, but it also has

responsibilities under TCF outcomes 1, 2, & 3 as well as SYSC requirements to test and monitor the “CustomerJourney” and make amends to areas that are found to be lacking. This is not only for the firm concerned but for

any Appointed Representatives or Tied Agents it may have as well.

The Market Research Society (MRS) defines mystery shopping or ‘mystery customer research’ as:

‘The use of individuals trained to experience and measure any customer service process, by acting as potential

customers and in some way reporting back on their experiences in a detailed and objective way.’

Mystery shopping is a long-established research technique and is used extensively in many industry sectors, to

measure the quality of service provided.

TCF OUTCOME 1 Consumers can be confident that they are dealing with firms

where the fair treatment of customers is central to the corporate culture.

The FCA’s approach will be to go a step further, so we canjoin the dots – is what your senior management commit toconsistent with the customer experience in reality.

And we will use specialist teams to look at what you are

doing in detail, in a range of ways, including talking to your

front line staff, mystery shopping, or in-depth reviews.

Martin Wheatley, MD Conduct Business Unit FSA at the British Bankers'

Association Jan 2012

CALL0800 689 9 689

With your clients becoming more demanding inthe new world of Financial Services you have to

make sure that you have everything right.The “Customer Journey” is an important process that most firms are good at once a client is

on-board. Many firms do not monitor or assess their various stages thoroughly and rely on the

old world methods of sales and replacement business to provide some sort of measure of

their prowess in TCF.

We can provide you with two critical and important areas that will demonstrate to the regulator

that you have it covered, but more importantly you will be able to demonstrate as responsible

and effective management that you will monitor and assess the customer experience

throughout their journey.

Telephone - InboundOur Consultants make calls pretending to be customers and report back on how the call was

handled. We can provide digital recordings of every call to help you coach staff towards

excellence. They can test how professionally your staff transferred calls as well as the

regulatory disclosure requirements.

We provide you with a completed questionnaire that monitor all the points necessary from a

sales and TCF perspective. You can then use this management information to present toyour senior management your level of compliance.

Customer Satisfaction ResearchWe can also interview your customers by telephone, on site or using our online survey

feedback facility that is provided using your firm’s name. We can tell you what they think of

your service and what they would like you to change or improve. This invaluable feedback

provides you with areas that may need to be made more robust and even provide areas of

service that they would like to see more of

Business-to-Business

We can usually find ways of simulating a business calling your lines, though you may need to

help us generate realistic scenarios.

What Gets Measured Gets Managed!Peter Drucker

Correct Disclosure

Clear, Fair & Not Misleading

Correct Range of Services and

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These services can be offered in realistic scenarios with clear audit

trail and with outcomes and Management Information to be used

can be integrated to use in subsequent training programmes.

CEI Compliance Limited

Tel: 0800 689 9689 Cell: 07801 864980

Fax: 07092 289901 lw@ceicompliance.co.uk

www.cei-compliance-limited.co.uk

Does your business have to comply to FSA rules in client

facing situations....?

Are your staff complying to these rules...?

We offer a tailored package

CALL 0800 689 9 689 To Discuss Your Firm’sNeeds

Audio monitoring for inbound callsand survey completion post

sale provides top and tailmonitoring solutions

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