Treating customers fairly is not a new concept. In fact, this prerequisite for financial services providers has already been rolled out in other countries. But it is only recently that it was adopted as regulation by the Financial Services Board in South Africa.
This policy is aimed at ensuring that financial services providers treat customers fairly. Compliance with these regulations means adhering to six principles:
- Making fair treatment of customers central to the company culture.
- Designing products and services to meet the needs of the customers.
- Keeping customers informed before, during and after signing a contract.
- Providing advice that is suitable and tailored to the customer’s individual circumstances.
- Products and services sold and delivered should be in line with the customer’s expectations.
- Eliminating post-sales barriers for customers who want to change products, switch providers, submit claims or make complaints.
What this means for you, as customer
Although Cashkows is excited by this new development in financial services regulations, truth be told – we believe that fair treatment of customers should be a given. Moreover, we also believe that customer feedback is essential for a service provider’s growth – especially when your business is dependent on referrals.
To this end, we encourage our clients to provide us with frequent feedback. Indeed, in the financial services industry there’s no such thing as too much transparency, and reciprocal relationships with our clients builds trust and ensures a win-win for both sides.
If you have any feedback which will help us improve our services, products or advice to you, please email us directly.
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