Unit 3 / Section 2 - For Customers Flashcards
What is VREQ?
“Volunatry Requirement”, an agreement firms may enter into with the FCA to make significant changes to their business
What are definitions of Transparency?
1) Lack of hidden agendas or conditions, accompanied by the availability of full information required for collaboration, cooperation, and collective decision making
2) Essential condition for a free and open exchange whereby the rules and reasons behind regulatory measures are fair and clear to all participants
3) The full, accurate, and timely disclosure of information
What 3 questions need to be asked when increasing the use of technology and automation?
1) Are we adding this technology for customers, or for ourselves?
2) Does the technology solve genuine problems for our customers?
3) What are the customer experience risks if this technology fails?
What are 5 examples of negative conduct risk outcomes?
1) Elevated complaint volumes
2) Increase in declared conflicts of interest
3) Poor mystery shopper results / falling NPS
4) Actual sales exceeding target (potential mis-selling)
5) Poor ‘persistency’ (consumers do not persist after initial cooling off period)
