The Customer Journey starts before the sales process and finishes way after the product has been supplied. Many UK authorised firms do not attempt to measure this, and therefore have no evidential provision to confirm their compliance with the requirements of the regulator.

1. CUSTOMER JOURNEY
MONITORING
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 5.1.1
A firm must employ personnel with the
“…enforcement needs to get further up skills, knowledge and expertise necessary
the chain of command – to look for the discharge of the responsibilities
allocated to them.
increasingly at those in senior
In an evolving regulatory environment there
management who fail to recognise and is an increasing need for all firms to gather
evidence on whether their sales procedure
manage the risks their firm is running” and other marketing initiatives have had the
intended outcomes and whether retail firms
Tracey McDermott 2nd July 2012 treat their customers fairly.
You Never Get A Second Chance To Make A Good First Impression
We 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

2. 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.
REPUTATIONAL RISK
The FCA’s approach will be to go a step further, so we can
join the dots – is what your senior management commit to
consistent 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
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 “Customer
Journey” 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.

3. Correct Disclosure
Clear, Fair & Not Misleading
Correct Range of Services and
CALL 0800 689 9 689
With your clients becoming more demanding in
the 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 - Inbound
“The job of enforcement is to help the FSA change behaviour by making
it clear that there are real and meaningful consequences for those firms
Our Consultants make calls pretending to be customers and report back on how the call was
Tracey McDermott acting director of the Enforcement and Financial
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
or individuals who don’t play by the rules.”
sales and TCF perspective. You can then use this management information to present to
your senior management your level of compliance.
Crime Division 2nd July 2012
Customer Satisfaction Research
We 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

4. Do
es
fac yo
ing ur
bu
Ar s it s in
ey ua es
W ou t io sh
rs ns av
eo taf ....
? et
ffe f co oc
om
ra mp p ly
tai lyi
ng to
lor to FS
ed th
es
Ar
ule
pa er s in
ck ule
ag s.. c li
en
e .? t
Th Audio
es monit
tra es oring
il a er for in
vic and s boun
ca nd es urvey d call
nb wi comp s
ei ca sale p letion
th nb rovid post
nt ou eo es top
eg tco
ra ffe monit and ta
te m re oring il
dt es di soluti
ou an nr ons
se dM ea
in an lis
su ag t ic
bs em sc
eq en
ue en ar
nt tI io s
t ra nf wi
or th
ini m cle
ng at
pr ion ar
og to au
Mobile Site Droid Code ra be dit
mm us
es ed
.
e,
od
the
C s&
et ail ou
an
Sc ou
rD ToY
ey ck CEI Compliance Limited
av Ba
Le et
ll G
Wi
We Tel: 0800 689 9689 Cell: 07801 864980
Fax: 07092 289901 lw@ceicompliance.co.uk
www.cei-compliance-limited.co.uk
CALL 0800 689 9 689 To Discuss Your Firm’s
Needs