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Customer satisfaction and Consumer Duty – we’ve a handy survey template

As part of your business’ work to evidence it’s acting to deliver good outcomes for your customers, have you considered a customer survey?

Conducting a survey amongst your clients could be an effective way to robustly evidence that those outcomes are being met.

And to help you get started, we’ve got a survey template on Broker Create, validated by our Compliance proposition partner UKGI, ready to download:

“The whole Consumer Duty* piece is centred on how well you know your customers and reducing customer harm. The only way that you can do this is to take a consistent approach to communication and checking with them their understanding of the service you provide and the products that they buy.

The FCA will want to see evidence that you are recording, measuring and acting on any feedback, and a customer survey is an opportunity to invite honest and transparent responses.”

Nikki Bennett, UKGI MD.

Three more valuable ways that you could benefit from using our survey template

  1. It could be the simplest way to achieve your 2023 growth targets

    A UK Institute of Customer Satisfaction Survey** found that companies with a customer satisfaction level of at least one percentage point above their sector’s average, enjoyed annual average turnover growth of 9.1%.

  2. The insight could gain you more referrals

    The results from your survey should help pinpoint which clients are particularly happy with your services – so allowing you to put a plan in place that encourages them to refer you.

  3. You now have an effective way to help reduce churn

    Once you know which customers are feeling somewhat dissatisfied with your products and services and why, you can act immediately and look to resolve their problem.

    “A well-designed customer survey is a consistent measure that can be used to record customer feedback, understanding, potential vulnerability, and ultimately satisfaction with you and the transaction that has taken place.

    It's important that whenever you do receive replies that suggests a level of misunderstanding or dissatisfaction, that you can show and record how you have responded and how you have used this information to make any necessary improvements in your processes or staff training.”

    Nikki Bennett, UKGI MD

What to do now

  1. Download the customer satisfaction survey template on Broker Create
  2. Put together a simple plan for your team to implement – for example by getting them to run through the questions with clients when they speak to them on the phone.
  3. Review our nine-point guide for ideas on how to improve your customer service.

* From 31 July 2023, the Consumer Duty requirements will come into force for new and existing customers.

** The UK Customer Satisfaction Survey