Doug Taylor
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Doug Taylor Financial Services Chief Advocate
description
Doug Taylor. Financial Services Chief Advocate. Consumer Influence and Representation. Value for Money. Access. Choice. Quality. Safety. Information and Education. Redress. Consumer Principles. The one improvement consumers want…. Taken from internal research. - PowerPoint PPT Presentation
Transcript of Doug Taylor
Doug Taylor
Financial Services
Chief Advocate
Consumer Principles
Access
Value for Money
Consumer Influence and
RepresentationChoice
Information and
Education
Redress Safety
Quality
The one improvement consumers want…1. Rewarding loyalty, rather than new customers 41%
2. Scrapping overdraft charges 18%
3. A person answering the phone, not a machine 13%
4. Not selling me additional products when I visit or call 9%
5. A portable account number 5%
Taken from internal research
54% of people were offered an additional product or service the
last time they contacted their bank
4 in 10 felt that the product or service offered were not suitable for their needs
What gets offered?
Upgraded current account
Insurance
Consumer ConcernsCommission driven salesBonuses for mis-sellingPersonalised appropriate salesSenior executive rewardsProduct based incentivesTransparency
Incentivisation
SalesComplaint
s
Customer Service
Regulatory Oversight
FSA Retail Conduct Risk
OutlookFSA Thematic
Work
The three Primary interest groupsCustomers
Shareholders
Staff and Management
Regulatory Reform
Future of Banking Commission
ResolutionDepositor Protection
Separation
Consumer ProtectionPrudential
BoardsRemunerationGovernance
- Structural
Regulation - - Culture
Consumer IssuesSales incentivesChargesSwitchingLoyaltyCompensation schemesComplaintsManagement incentives
Any Questions?
