The majority of financial services customers have seen no difference in service standards since the FCA’s consumer duty rules came into force a year ago, according to a new study.
In a poll of 2,000 customers for financial review site Smart Money People, 84%, reported that there had been no change in service levels since the rule change.
Consumers’ biggest frustrations are having no access to human support (48%), untrained staff (34%), no available phone number (32%) and an some firms’ reliance on chatbots (24%).
The survey found that personal loan and buy now, pay later customers were the least satisfied with the service they received.
By contrast, current account and prepaid account customers were the happiest with their providers.
The research also identified vulnerable customers, based on a number of self-reported criteria that would mean they met the FCA’s definition.
It found that for vulnerable customers, having access to real people rather than just chatbots or online help was key.
It found that 81% of vulnerable customers said they had seen no positive improvement in the way their treatment by financial services companies over the past 12 months.
Smart Money People’s survey results contrast with previous research from Royal London which found that almost half of advisers have changed the way they do business to meet the consumer duty rules.
Smart Money People chief executive Jacqueline Dewey says: “The FCA’s Consumer Duty guidelines are specifically designed to put the onus of consumer communications and outcomes on the provider.
“However our data shows customers are not seeing the impact of these guidelines 12 months later.
“It’s particularly concerning that vulnerable customers have not seen an improvement in their experience during this time.
“This is why we are encouraging consumers to feedback on both good and bad experiences.
“Smart Money People works with financial services organisations to better understand and serve their customers, helping to drive better outcomes for both providers and their customers.”
