The UK financial services sector is facing a crisis in customer satisfaction. Plummeting customer satisfaction levels, as revealed by the UK Customer Satisfaction Index, coincide with the FCA’s warnings about fundamental service failures. This article delves into the reasons behind this decline, focusing on the impact of Consumer Duty and the critical role of employee competence. By analysing industry data and expert insights, we explore the challenges firms face in delivering exceptional customer experiences and offer potential solutions to address this pressing issue.
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