Speaking at the annual Building Societies Association (BSA) Conference in Bournemouth, Matthew Bullock, chief executive of Norwich & Peterborough Building Society claimed that it was the responsibility of firms and consumers to be aware of customers after the mortgage process was complete. He claimed that at present there were too few companies dealing with ‘post sale’ and that there was no clear definition of what customers could expect to receive after the sale.
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Bullock said: “The industry needs to address this, and lenders need to be aware of how serving customers will ensure that you keep them for the future. Of every 100 customer interactions between a branch and a customer, 96 are what we call ‘straight service’ where staff utilised the quality of follow-up service.”
This statement was echoed by the FSA’s Clive Briault, managing director, Retail Markets, who stated that lenders should not only monitor their own products to ensure that it reaches its desired recipient and is not oversubscribed to the wrong source, but that they should be prepared to look at post sales.
Briault also claimed that the industry should continue to deliver fair treatment and for lenders to take regular stress tests and to take account of regular changes.
