With many lenders in attendance, the importance of TCF has been addressed at the Building Societies Association (BSA) annual conference in Bournemouth. With speakers from the FSA and Nationwide Building Society instructing lenders to pay more attention to customers and ensure that business is retained, the subject is proving to still be apparent.
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Nationwide Building Society executive director, Sales and Marketing, John Sutherland instructed delegates that it was important to meet the needs of the customer and that if you met their needs the more likely it is that they would stay.
Also commenting on TCF was Clive Briault, managing director, Retail Markets at the Financial Services Authority (FSA). Claiming that it is embedded in the culture of firms, the FSA will undertake a review of how companies are practising TCF in their work at the end of 2008, with an interim examination taken in March next year.
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When asked how TCF will be judged by the FSA, Briault said: “People will focus on how to work things out for themselves, many companies already have customer satisfaction measures in place to show techniques and we have already seen some imaginative ideas such as mystery shopping themselves, surveying customers and checking staff behaviour. It will be a difficult challenge but we’re not going to insist on a way of doing it.”
