Evidencing suitability. A fundamental component of financial advice yet consistently a problem across the industry.
Why is this still an issue and how do we solve it?
At Recordsure we believe that tackling an issue at the root cause will reveal a solution.
At the heart of evidencing suitability is having an authentic record of the conversations that occur between front-line staff and customers. Without this you are relying on written documentation of variable quality and consistency. Staff taking notes or filling in forms is unlikely to document 100% of what was said during a conversation, 100% of the time. An audio recording of the conversation will.
We are not just talking about recording telephone conversations. Although this is a good start, recording all conversations, particularly those that take place face-to-face, means that you will have a verifiable recording of all advice given across the business.
Recording conversations provides assurance & peace of mind
The FCA’s review of the success of MMR implementation published last week revealed, encouragingly, that only a very small number of cases were unsuitable. However, in 38% of cases the regulator could not determine whether the advice provided was suitable or not.
Frequently, cases can be classed as ‘unclear’ due to incomplete information being documented on the client file. If the correct information has been discussed during the meeting, the risks of poor documentation can be simply negated by capturing an audio recording of the conversation.
There is nothing more frustrating than providing suitable advice and a great customer experience for your clients but not being able to evidence it internally or to the regulator.
In addition to having an authentic record, wouldn’t it be great if front-line staff could be relieved of the need to take copious notes? If an audio recorder is capturing every word of a conversation it reduces the pressure on staff, enabling the conversation to flow more naturally and resulting in a better experience for your clients.
Enhance the customer experience
Gaining assurance and confidence from Recordsure’s cutting-edge recording solution can help you to provide a better customer experience, whilst avoiding poor documentation issues that can lead to unsuitable outcomes or an ‘unclear’ judgement. Recordsure is the only audio recording solution that captures face-to-face conversations and so is incomparable in the market.