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Contract Law - Essay Example

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Summary
In this article we will deal with the importance of the complaint handling within the financial services of United Kingdom. The article in its first paragraph will first state the general importance of handling the complaint which is important in all types of market, and then few problems within the financial services of United Kingdom market are shown with different solution…
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Contract Law

Download file to see previous pages... The customer handling is a tactic that helps you in increasing the retention rates of the customers. The customer loyalty with your company can enhance your sales and helps in increasing your yearly turnover. These customer complaints when handle properly inform the organization what actually the customers wants in product, their needs and what changes they further want in your product or service. The importance of these complaints, requirements and ideas from the customers are very important due to the reason that the company actually serving these people. So these complaints are actually the customer voice that meant a lot for the organization. The after sale service of a company is important because customers may feel some problems while the usage of the product and dealing with problems may help in gaining their loyalty. These customers compliant handling is not only important to the sales and marketing department of the product launching compnay but also important for the service providing companies. The purpose of this article is to deals in importance of complaint handling within the retail FS UK market. We will consider that what problems actually the customer were facing and how the problem solving enhances their service market.
In 2003 the life insurance company which was based in financial market of UK ...
ancial market of UK paid the fine of 675,000 pounds due to their mortgage endowment complaints which were not handled properly by their service department. Similarly in 2004, the same Life Insurance Company paid the fine of 725,000 due to their bad handling of mortgage endowment complaints, which they were facing the last year. The only reason was that the company was unable to provide better services before and after the sale of their product and services. In 2005, High Street Bank paid the fine of 800,000 pounds due to their worst handling of customer complaints. In 2006, again the same Life Insurance Company paid the fine of 750,000. In 2007, IFA paid 330,000 of pounds as fine against worst compliant handling of their customers. These all fines which are paid by the companies mention above are the only reason of bad customer services they provide to the customers. These companies then need to take a deep look inside their customer relation services in order to know that what the root cause of the problem is.

Where the main problem lies We try to search and find some issues which these companies lack and these were

The financial service companies were fail to give efficient customer services as customer advisory department were failed to advise the customer the which service suit them most. The importance to the customer within the company wasn't matter when they first step in the company. The companies were unable to investigate deeply in order to know that where the company lacks or performing badly and the only reason was that they lack a sufficient communication level. The companies were unable to launch such systems and strategies that can improve the customer relations with their employee's and the reason was this that they actually don't know that where the ...Download file to see next pagesRead More
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