Small businesses offered customer relations advice

02/10/07 17:16

New measures are being introduced by the Financial Services Authority (FSA) to help small businesses assist customers better.

The new proposal aims to increase contact between the FSA and small firms to help them make faster progress in attaining the Treating Customers Fairly (TCF) scheme.

Currently consisting of visits and telephone assessments by the FSA, the scheme aims to test the standard of management and how much more work is needed for a business to achieve the TCF standard.

The FSA stated that the assessments will benefit firms that are already trying to be more customer-focused, as well as giving small businesses additional support.

“We want to help small firms better assist their customers, many of whom are seeking advice on some of the biggest financial commitments they will ever make,” said Hector Sants, chief executive of the FSA.

At present, small companies are making progress with the TCF, but the FSA is keen to speed up the process and make it more efficient.

“We are increasing the contact we have with small firms to improve the rate of this change and to enable them to better help their customers,” Sants added.

“Firms’ management must ensure that the FSA’s TCF initiative runs through every aspect of their businesses.”

A deadline of December 2008 has been set, by which time the FSA expects all businesses to be able to show that they are treating their customers fairly.