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Your assignment is to prepare and submit a paper on the importance of the complaint handling within the financial services of the united kingdom.
Your assignment is to prepare and submit a paper on the importance of the complaint handling within the financial services of the united kingdom. Customer loyalty with your company can enhance your sales and helps in increasing your yearly turnover. These customer complaints when handle properly inform the organization what actually the customers want in a product, their needs and what changes they further want in your product or service. The importance of these complaints, requirements, and ideas from the customers is very important due to the reason that the company actually serving these people. So these complaints are actually the customer voice that meant a lot for the organization. The after-sale service of a company is important because customers may feel some problems while the usage of the product and dealing with problems may help in gaining their loyalty. These customers compliant handling is not only important to the sales and marketing department of the product launching company but also important for the service providing companies. The purpose of this article is to deals in the importance of complaint handling within the retail FS UK market. We will consider what problems actually the customer was facing and how the problem solving enhances their service market. In 2003 the life insurance company which was based in the financial market of the UK paid a fine of 675,000 pounds due to their mortgage endowment complaints which were not handled properly by their service department. Similarly, in 2004, the same Life Insurance Company paid the fine of 725,000 due to their bad handling of mortgage endowment complaints, which they were facing the last year. The only reason was that the company was unable to provide better services before and after the sale of its product and services. In 2005, High Street Bank paid a fine of 800,000 pounds due to their worst handling of customer complaints. In 2006, again the same Life Insurance Company paid the fine of 750,000. In 2007, IFA paid 330,000 pounds as fine against the worst compliant handling of their customers. These all fines which are paid by the companies mentioned above are the only reason for the bad customer services they provide to the customers. These companies then need to take a deep look inside their customer relation services in order to know what the root cause of the problem is. The financial service companies failed to give efficient customer services as the customer advisory department were failed to advise the customer which service suits them most. The importance to the customer within the company wasn't mattered when they first step in the company. The companies were unable to investigate deeply in order to know where the company lacks or performing badly and the only reason was that they lack a sufficient communication level. The companies were unable to launch such systems and strategies that can improve customer relations with their employee’s and the reason was this that they actually don’t know where the problem was. The companies were unable to provide awareness to the customers that what they actually hold for them, simply lacking a good advertising technique. Similarly, the company was unable to provide such services like complaint handling and resolution of different problems with their customers.
