Client Care 2 Flashcards
- What is a complaint?
It is an expression of dissatisfaction. Complaints generally arise when expectations have not been met.
- If you receive a formal complaint at which point should you notify your insurance company?
As soon as possible
- How would you deal with a complaint from a client?
- Acknowledge receipt of the complaint
- Notify the appropriate person within the business (the complaints handling manager)
- Appoint a person to carry out an investigation
- Identify the outcome and course of action to rectify
- Formally communicate to the client the outcomes and the course of action to correct
- If the client is still unhappy they have the right to refer to independent dispute resolution
- Communicate the lessons learned internally
- Review at a predetermined date in the future
- Inform the PI insures of the complaint at each stage of the procedure
- Are you aware of and guidance published by the RICS in association with complaint handling?
Complaints handling 1st edition 2016 update in Jan 2022
- How can complaints be avoided in the first place?
- Communication clearly and effectively with the client
- By recording all decisions made and why
- Following the scope of service
- By only giving advice on work that you are competent to undertake
- Following the scope of service
- Follow company procedures
- Follow RICS standards, Professional Statements and guidance notes.
- Has the RICS published any guidance on handling clients money?
Client money handling – Professional Statement October 2019
- What are the objectives of the client money handling professional statement?
The professional statement provides clear rules for RICS regulated firms and members to have the appropriate controls and procedures to keep client money safe. It provides confidence to clients and consumer that RICS regulated firms are operating to a high professional standard
- What are some of the key requirements identified in the Client Money Handling professional statement?
Clear requirements such as:
* Client account requirements (must be separate, must be named, client must be giving the bank and account numbers
* Appropriate account controls (keep records that show ins and outs, reconcile account, prevent overdrafts)
* The information that firms much provide to clients (written procedures on how the company will deal with client money)
* How to deal with unidentified money
- What is meant by “Client’s money”?
Money of any currency (either cash, cheque, draft or electronic transfer that):
* An RICS regulated firm holds for or receives on behalf of another person, including money held by a regulated firm as stakeholder and
* Is not immediately due and payment on demand to the RICS-regulated firm for its own account.
- What information would you expect to see in a clients brief?
- Services required
- Terms of appointment
- Duration of appointment
- Client procedures and policies
- Key drivers for success
- Payment terms
- Insurances required
- What might you exclude from a consultant fee proposal?
- Services which are not required
- VAT
- Disbursements
- Dealing with claims
- What might be included in a consultant fee proposal?
- Scope
- Terms of appointment
- Basis of pricing (rates, lump sum and clear fees)
- Information on teams including CVs and qualifications
- Project details
- Timescales
- Insurances
- Exclusions
- People rates or lump sum cost for carrying out the work
- Assumptions
- How would you go about calculating fees for a new commission?
- Understand client requirements and scope, key project details, budget, and scope of services.
- Identify the seniority of resource and number of people required to deliver the service
- Assessed the duration required to complete activities identified in the scope of service
- Apply a daily or hourly rate against the resources
- Apply the fee
- Sense check this as a percentage of the overall project budget
- Assuming you put together a fee proposal together, a few months go by and you realise you have under estimated the resource to deliver. Would you go back to the client and ask for more money?
If the project requirements, scope, or duration had changed I may be entitled to a Compensation Event to increase my fee for doing the work.
However, if they were a genuine error I would not ask the client for more money and the services that had been agreed would be delivered. I would endeavour to identify why there had been an error and not make the mistake in future.
- Could there be any issues (from a client perspective) with a client having all professional services delivered by one consultancy?
- There could be a conflict of interest perceived or actual
- It can be harder to be critical of colleagues than external businesses
- However, there are some advantages, work can be more efficient due to people working under the same policies, procedures and core values
