Help for
Small IFAs
The Challenges
- Dealing with complaints from customers or helping them make claims both of which if unsuccessful could result in a serious threat to the survival of the business.
- Carrying out investigations, writing opinions and drafting final responses or other correspondence that result in the payment of claims by insurers and the rejection of complaints against the firm by FOS.
- Developing sustainable compliant relationships with clients while making profits. Ending relationships safely.
- Handling complaints effectively while too close to the people and issues involved and retain customers.
- Dealing with sometimes obstructive PI insurers.
- Helping customers make claims and bring complaints successfully.
- Building safe procedures for developing client relationships, from producing clear client agreements to delivering a quality service for which the customer will be happy to pay.
- Building a positive relationship with the Financial Conduct Authority and dealing with the threat of disciplinary action,
- Making product providers handle complaints correctly and provide cover when they promise it.
Solutions
- Review files, standard documents and working methods and make recommendations about improving business procedures, standards of advice and the way it is presented and compliance.
- Independent complaint handling service
- Expert opinions for PI insurers
- Presentations to board members
- Mentoring and advising complaint handlers on cases generally or individual files.
- Drafting complaint letters for clients and advising on how to take forward cases.
- Dealing with the FCA over issues facing the firm and persuading the regulator not to take formal disciplinary action against the company.
- Read Consumer Complaints and Compensation Chapters 1-12, 14-23
Opinions, draft letters and generally persuading product providers to "do the right thing". This has included making insurers pay a death claim of £162,000 and provide life cover of £600,000.