Customer feedback can help you identify where you are treating customers fairly and where improvements are needed. Remember that a satisfied customer is not necessarily being treated fairly. Feedback responses help in flagging risks for you to consider.
Before you start
- Consider how and when you could use the survey to get the most from it.
- Give it to unhappy or disgruntled customers – their opinions and reasons for complaint or termination should matter to you.
- Review responses with compliance file reviews – get an overall view of the process and advice you provide.
If you use customer feedback, think about the questions you are asking and if they help you identify areas where your firm and its advisers are/are not treating customers fairly and therefore areas where improvements are needed.