Customer satisfaction
On 1 April 2006 we launched targets for the satisfaction of customers who have been through eight of our core regulatory processes and those who have used the contact centres.
Results table: Regulatory transactions
The results shown below cover the responses given by firms who completed one of the eight process transactions between 1 January and 30 June 2008 (CS1.1-CS1.8).
| ID | Standard | Target | Performance | Level achieved (last period) |
|---|---|---|---|---|
| CS1.1 | Corporate Authorisation | 75 |  Met |
79.3 (79.6) |
| CS1.2 | Individual Approval | 75 | Met |
81.6 (83.3) |
| CS1.3 | Variation of Permission | 75 | Met |
79.0 (78.1) |
| CS1.4 | Waiver | 75 | Met |
79.4 (81.4) |
| CS1.5 | Change in Control | 75 | Met |
81.8 (83.5) |
| CS1.6 | Passporting | 75 | Met |
82.7 (84.5) |
| CS1.7 | Cancellation | 75 | Met |
79.9 (77.8) |
| CS1.8 | Collective Investment Schemes | 75 |  N/A |
(1) |
(1) No customer satisfaction index (CSI) score: Most firms were very or fairly satisfied with the overall CIS process. We are not, however, able to produce a statistically valid CSI for the period for this process due to low volumes.
More information
You can download a printable document containing commentary on our performance and a comparison with previous periods.
Customer satisfaction [PDF]
Results table: Contact Centres
The results shown below cover feedback from contact centre surveys from enquiries made between 1 January and 30 June 2008 (CS2.1-CS2.2).
| ID | Standard | Target | Performance | Level achieved (last period) |
|---|---|---|---|---|
| CS2.1 | Consumer Contact Centre | (2) | N/A | 81.4 (77.6) |
| Telephone | 83.9 (79.5) | |||
| 61.4 (66.4) | ||||
| Letter | 59.8 (53.9) | |||
| CS2.2 | Firm Contact Centre | (2) | N/A | 82.5 (82.8) |
| Telephone | 83.9 (83.9) | |||
| 70.7 (74.8) | ||||
| Letter | 82.3 (68.6) |
(2) Following the successful pilot and baseline studies, we have committed to meeting a CSI target of 80 by 1 April 2009.
Methodology
Regulatory transactions
GfK NOP contacts a sample of firms who have completed one of the regulatory processes listed above and asks them to complete a telephone questionnaire lasting around ten minutes. The questionnaire covers various aspects of the application process, from completing the application form to receiving the decision notification. We include applications that have been accepted, withdrawn or rejected in the process. The results of these surveys are made anonymous before being returned to us. The detailed results are then used internally within the FSA to inform business improvement and investment decisions. GfK NOP has developed a customer satisfaction index (CSI) to describe overall satisfaction with each process based on key satisfaction drivers.
For more details see the full technical description.
Contact Centres
A sample of stakeholders who have dealt with either the Consumer or Firm Contact Centres is randomly selected and contacted by IFF Research, an independent market research company. Those selected are then asked to complete a brief telephone questionnaire, the results of which are collated and analysed to produce an overall customer satisfaction index (CSI) score. The methodology used is not directly comparable to that used to calculate the core process CSI scores, although it is also based on the key satisfaction drivers identified in an earlier pilot study.
For more details see the full technical description.
Our targets
Regulatory transactions
A CSI of 75 has been set as a common target for all regulatory processes where we collect customer satisfaction data. In setting this target we have investigated the customer satisfaction methods and performance levels of several other organisations, but have been unable to find a regulator that adopts a similar approach to collecting and monitoring customer feedback. We believe a target of 75 represents a proportionate and achievable level of customer service.
As with all our service standards, we will regularly review the suitability of this target and adjust it where necessary.
Contact Centres
The Firm and Consumer Contact Centres are currently going through a major change programme to help us to deliver our 'more principles-based regulation' initiative. Work to re-organise the two contact centres is key to this change, merging current processes and technical knowledge into one operation. Maintaining and improving our customer service performance during this period will be a challenge, but despite this we have set a CSI target score of 80, which we aim to meet by the time the Contact Centres merger is complete on 1 April 2009. We feel this target represents a challenging but achievable level of service and is broadly inline with the industry standard for contact centre satisfaction measures.
What next?
We are committed to improving the level of customer service we provide and will continue to expand the range of regulatory processes where we monitor customer satisfaction performance.
We would like to thank all of the firms and consumers that have taken part in any of our surveys, and to acknowledge the important role this feedback will play in helping us to improve the service we provide.