|Customer Satisfaction - FSA to ask for assessment
- Compulsory enforcement rapped -
On Aug. 9 the Financial Services Agency said it will request that all financial institutions including banks and insurers conduct customer satisfaction surveys. The request will reach each company via business associations in the week. The FSA asks institutions to form business improvement plans based on survey results and make them public. While this aims to enhance customer protection, some financial institutions voice objection, saying that such surveys should be done voluntarily.
Although each financial institution has a free hand to chose its own method, the FSA will recommend survey methodologies such as over-the-counter customer interview and mail questionnaire.The agency will also suggest some guideline on questions; for example, an insurance company should ask whether its complicated products are clearly explained.
While the request is not legally binding, the agency hopes that financial institutions will be positive forward these surveys. "Major financial institutions abroad pay attention to complaints that are filed," said an FSA official.According to the agency, when it consulted with experts before this announcement, some pointed out that financial institutions have less awareness of customer protection compared with other business sectors.