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.
CIFO’s FIFO (First in, First Out)
Usually an accounting method, CIFO has generally adopted a “First in, First out” approach to our inventory, meaning that the oldest cases we receive will generally be dealt with first.