Are you prepared for The Consumer Duty Regulations?
Compliance can seem like a daunting task, but non-compliance will have significant consequences.
Relationship Audits® can help.
Established for over 25 years, we are specialists in delivering stakeholder research and consultancy.
We work for many leading financial institutions and IFAs, and our blue-chip clients tell us we deliver actionable relationship intelligence.
We have a team of specialists that provide surveys for clients/customers and staff that will help you on your way to becoming FCA compliant.
Whilst the FCA’s requirements are very detailed, we also know that attention spans are getting shorter.
That’s why we’ve created a suite of surveys that cover the areas required by the regulations yet are also engaging and easy to complete.
We’ve created systems that are easy to implement and run on our award-winning Relationship RADAR® software.
What we offer is more than just compliance
Our data-driven approach gives you insights into all your stakeholders that will enable you to grow your business and work more efficiently.
Relationship Audits® have millions of data points which will enable you to compare your company’s performance against our industry benchmarks.
We can give you a detailed analysis of the results with conclusions and indicated actions that will enable you to address any problem areas and capitalise on opportunities.
Relationship Audits® can take the load off you and manage the process, or alternatively, you can license our software to run surveys yourself.
Other features include:
- An overall one-number score to summarise how you are performing against the FCA criteria
- A simple and intuitive dashboard
- Realtime data of results
- Instant alerts on any poor scores that will enable you to respond quickly
- Comparisons of clients/customer vs staff feedback on important KPIs
- Methodologies that understand the need for inclusivity and working with vulnerable stakeholders
Quick & easy to use with an engaging user interface
- Assessments take just a few minutes to complete
- A colourful, engaging user interface to aid completion
- Sets of 9 categories of questions that the FCA require
- Mix of quantitative & qualitative questions
Web-based, fast, easy to deploy
- Designed for use on PC/MAC and all mobile devices
- Automated, web-enabled process to email and collect assessments from participants
- A unique link for each participant ensures security
Clear and quick reporting
- Your own online results dashboard
- Automatic alerts for low scores
- Access can be tiered and restricted via password
- Completion summary with real-time updates
- Graphic presentation of results, with filtering options for ‘drill down’ detail
- Unique one number score to summarise overall performance
- Clear signposting of issues & opportunities
- Millions of data points deliver benchmarking capability
- Relational database for multi-level analyses
- Customisable, automated report writer
- Fast and easy report preparation
- Full analysis and reporting if required
- Data fully exportable
- Secure, fully hosted website
Frequently asked questions
Typically:
- Allow 2 weeks to secure client / consumer agreement and complete the participant sheet
- Allow 2 weeks for initial completion with a possible 2-week extension for slow responders
- Please note that from the moment the survey goes live, results will be available to you in real-time
- We would recommend you seek feedback from all your clients/customers, or, at the very least, a representative sample
- We suggest that you include all your staff
- There is the option to run a pilot survey first before engaging all your clients
- We know that if clients are spoken to personally in advance, there is greater engagement.
- However, for larger organisations, where this is not possible, we’d suggest that stakeholders are notified by email in advance and given an “opt-out” option
- We can provide draft copy
- The average completion rate of our clients in all surveys is 71% (2022 data)
- We have designed the process to involve the minimum amount of time from you if the process is wholly managed by us
- It is usually best if a manager is assigned to complete the details of participants
Typically
- Complete a spreadsheet of stakeholder details and secure their agreement to participate
- If necessary, chase slow-responding participants
- We will automatically send reminder e-mails after the first and second weeks to those who have not taken part
- N.B. Our experience is that responses are quicker if you send your client an email the day before the survey goes live to inform them that they will receive an invitation the
following day- We have examples of draft copy we can share if required
- Act on the feedback
- Yes, we will provide a demonstration version to approve before the survey goes live
- We will also include your logo in the survey
- We will email a unique survey access link to each participating individual.
- You will need to judge what best suits your business
- For most businesses, we recommend once a year to enable you to benchmark your performance against the last wave