CIFO believes that a large number of complaints could be reduced if financial service providers offered clear communication and robust customer service. Tips on how to provide customer communications:
- Information – provide information and ensure it is clear and relevant as your customers may not fully understand the issues.
- Your manner – try to put yourself in your customer’s place, be empathetic, polite and listen to their issues.
- Timely – present up-to-date information in a timely manner so customers have enough time to decide how they wish to proceed and avoid delays in producing information.
- Forms of communication – use all appropriate forms of communication channels: websites, letters, telephone calls, emails, web-chats and face to face meetings.
- Updates – provide regular updates on your progress to ensure the customer remains informed.
- Process – ensure you are complying with your internal service level agreements, policies, procedures and any legal requirements.
- Accept responsibility – if something has gone wrong, do not be afraid to apologise.
Distress & Inconvenience Awards
This is an award to recognise the distress and/or inconvenience a customer may have suffered as a direct result of a financial service provider’s actions or lack of action.
CIFO has published guidance on our general approach to compensation for losses. This can be located here.